Catalonia to reject a central bank in favor of cryptocurrency

The small but economically vital Catalonia region of Spain has declared its independence, but Madrid vows to keep the region a part of Spain. While governments and thought leaders around the world line up behind opposing sides, the would-be independent government is looking to use a national cryptocurrency and a Blockchain-based residency system.

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According to a local newspaper in Spain, the Catalonian director of the digital office (called SmartCatalonia) has already visited Estonia on a number of occasions in order to understand their digital residency plans. Estonia famously made news when their plan for a national currency was harshly shot down by the European Central Bank President.


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National cryptocurrency
While the Blockchain residency program would be the first of its kind in Europe, perhaps the bigger news is that an independent Catalan government would likely not have a central bank, choosing a national cryptocurrency instead. With Russian and Kazakhstan already suggesting national cryptocurrencies, the move would not come as a huge surprise.


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Additionally, the Catalonia government has already received the direction of Vitalik Buterin regarding such a platform. Per the source:

“This young Canadian of Russian origin advised them to create an ICO for the virtual residents platform, with an initial offer of currency that would correspond with the financing of a business project for the virtual residents program. In an ICO, a new cryptocurrency…can be financed within the e-Residency ecosystem, something that would help create an economic community that is absolutely independent and outside the regulatory eye of a central bank.”

Source:Cointelegraph

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