Hi,
I've been asking for opinions about a proposal that's come up here in Scotland. We're going to the polls in the next month to decide whether we want to split from England and become an independent country - basically the end of the United Kingdom that's lasted 400 years.
There's been plenty of discussion not only on whether we should, but whether we could (practically.) One of the major stumbling blocks is the use of GBP - the Bank of England has said a post-independent Scotland can't use it. Bit mean, but there you are.
I'm sorry, but why would Scotland even consider using a currency under the control of a foreign government?
Adopting a national cryptocurrency would require the participation of all the citizens.
Scotland, as of 2012, has a home internet access and personal internet use rate of
67% and 71% respectively.
Potentially up to a third of its citizens could be excluded from the new crypto landscape. That is, for lack of a better word, tyrannical.
Further, existing banking infrastructure, private and public debts, monetary instruments, etc. would all go into major upheaval at the sudden imposition of a cryptocurrency.
Cryptocurrency must be allowed to grow organically - not imposed, IMHO.