Economists Propose a Digital Currency for Scotland, Backed by Scottish Parliament and Banks

By September 9, 2016Bitcoin Business

Economists at Strathclyde University in Glasgow, Scotland, have warned that Scotland’s financial sector needs to accelerate its adoption of technology to avoid a future banking crisis. According to the economists, adopting leading-edge fintech could create 15,000 jobs in Scotland over 10 years and failing to do so would have the opposite effect. “Fintech is evolving at a rapid pace and the consequences of digitalisation are being hailed as a ‘game changer’ for both the banking and securities industries,” said Daniel Broby, director of the Strathclyde University’s Centre for Financial Regulation and Innovation . “Financial transactions are set to become instantaneous, traditional paper money is being replaced by digital money and entrepreneurs will be able to raise money directly from the public,” added Broby. “All this is good news for the consumer. But it is critical that we create the right conditions to enable companies to develop fintech faster, if Scotland’s financial sector is to remain globally competitive. The technology exists. Either Scottish financial institutions adopt it and thrive, or they ignore it at their peril.” The warning came at a symposium on the future of fintech held last Friday, September 2, at the University of Strathclyde’s Technology and Innovation Centre . The Strathclyde economists are persuaded that fintech is being driven by blockchain technology and distributed ledgers, two major innovations poised to transform the way the financial sector handles not only payments but also identity, transactions and debt information. Broby argued that the adoption of advanced fintech should be accelerated. “There’s potentially a huge opportunity for Scotland but we need to seize it,” he said. Broby and co-author Tatja Karkkainen presented a conference whitepaper titled “ Fintech in Scotland: Building a digital future for the financial sector .” The potential for a Scottish digital currency — a local currency […]

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