Wales works on its own cryptocurrency to boost nation’s economic growth

The local Business Cloud media reported on October 15, the creation of the digital currency of Wales which will be supported by the Sardex mutual credit system. As specified by the source, the constituent nation of the United Kingdom develops this tool to obtain the economic balance that the country needs so much in addition to consolidating a stronger and more stable financial system.

The report explains that the Welsh Government delivered £ 100,000 from the Foundation for the Challenge of the Foundational Economy to boost the creation of the system and ensured that this amount will be used to cover the pilot test.

Regarding the Foundation for the Challenge of the Foundational Economy, the Vice Minister of Economy and Transportation, Lee Waters, said that this economic plan establishes a broader and more balanced approach to the nation’s focused economic development and said he was “intrigued to see the results of this mutual credit system pilot for Circular Economy Wales.”

After the release of the information many remarkable figures have expressed their opinion. Among them is Paolo Dini, who is the researcher at the London School of Economics and founder of Sardex. Dini said he agreed with the crypto project planned by the Government.

Likewise, the CEO of the company in charge of the creation of the Welsh cryptocurrency, Eifion Williams, reported that if the Welsh government had implemented a program like Sardex, at present, the growth of Small and Medium Enterprises would be even greater. “If Wales had initiated a copy of Sardex in 2008, and had followed the same growth trajectory, Welsh SMEs would now be strengthened by an amount of £ 256 million in additional turnover.”

K.Villarroel

Source: Technology