London Mayoral Hopeful Promises Residents £100 Crypto Bonanza

A mayoral candidate Brian Rose has unveiled an ambitious plan to distribute £100 worth of a new cryptocurrency token, tentatively named the LONDON token, to every resident of London. This is part of Rose’s strategy to engender financial awareness and crypto integration.

Why £100 Crypto Bonanza?

The mayoral candidate campaign team revealed the proposal to The Block stating that the goal is to ensure the new cryptocurrency is accepted across London’s transport network and used to pay for council bills, parking charges and other city expenses. This will foster financial inclusion and empowerment among the city’s population.

Industry experts say if implemented, with increased activity in Web3 startups, Rose’s plan will align developments in the ecosystem.

Funding and Implementation Strategy

Under Rose’s crypto bonanza plan, a £1 billion liquidity pool would be established through a one-off tax on the profits generated by London’s financial institutions. The proposed 1% Tradfi tax on profits from the city’s financial institutions would fund the creation of the new token. The campaign team envisions this will facilitate its adoption and growth in the cryptocurrency space.

In an interview, Rose emphasized the transformative potential of the LONDON coin, stating that it would provide Londoners with a tangible connection to their finances.

According to Rose, “The LONDON coin will give Londoners a real relationship with their money.  They will be able to hold it, earn interest on it, save it, trade it, stake it, all with decentralized finance protocols directly from their phones.”

Empowering Londoners through Financial Education

Rose also harped on the importance of financial education in London, noting that the lack of such education has weighty consequences across various aspects of life. The mayoral candidate maintained that individuals need to understand money management, investment, and the blockchain economy. Interestingly, the London Stock Exchange (LSE) plans to open its doors to Bitcoin and Ethereum Exchange-Traded Notes (ETNs) by May.

If elected, Rose plans to make the LONDON token available through popular cryptocurrency exchanges, accompanied by a comprehensive financial education platform. The objective of the platform would be to equip London’s citizens with the knowledge and skills needed to manage their digital wallets, invest their tokens, and participate in the blockchain economy effectively and seamlessly.

Rose believes that the LONDON token, coupled with robust financial education initiatives, could address the pressing issue of financial literacy in Greater London and empower individuals across diverse demographics. The optimism stems from the candidate’s experience as an entrepreneur with fifteen years of banking experience.

Analysts believe the financial education should include fraud and scam identification given that a United Kingdom court recently convicted a hospitality worker of laundering $2.5 billion worth of Bitcoin in complex transactions.