Wales to launch digital currency for businesses

Tucked away in the corner of the United Kingdom, the country of Wales has made plans to launch its own digital currency, the Welsh government confirmed last Monday.

The currency, called Celyn, would be a digital currency network to help businesses trade amongst each other without using the Great British Pound. Businesses could trade in credits, not cash, that would then be re-used in the local economy. There is no mention of it running on a blockchain.

Celyn is created by community interest company Circular Economy Wales, and is being awarded £100,000 from the Welsh government’s £4 million Foundational Economy Challenge Funds. It could boost the Welsh economy by £250 million over the next ten years, according to an event page by Circular Economy Wales. A consultation on the Celyn will begin at the Circular Economy Wales conference on November 7, with a proposed pilot due to take place in North Wales next year. Read More...

#Wales #UK #Cryptocurrency

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