In a bold move that could redefine municipal governance and economic strategy, London mayoral candidate Brian Rose has announced an innovative plan to distribute £100 in a newly created cryptocurrency, named LONDON, to every resident of the city. This ambitious proposal seeks not only to foster widespread adoption of digital currencies but also to inject a significant amount of money into the local economy.
Brian Rose's proposal is centered around the creation of the LONDON token, a digital currency that will be distributed to every Londoner. The funds required for this expansive project will be sourced from a one-time tax levied on the city’s major banks, which are expected to contribute 1% of their profits. This tax is anticipated to generate a liquid pool of around £1 billion sterling, which will underpin the financial viability of the token.
The LONDON token is designed to be more than just a speculative asset; it is intended to serve practical purposes within the city. Residents will be able to use the cryptocurrency for everyday transactions such as paying for public transport and parking fees, among other expenses. This functionality is expected to facilitate the integration of the token into daily life, promoting its use and helping to stabilize its value.
Rose emphasizes that this initiative is not only about economic stimulation but also about positioning London as a forward-thinking city that embraces technological advancements and innovations in finance. "The new cryptocurrency token will bring numerous benefits to our city. It will demonstrate that the banking sector recognizes the need to evolve and will provide a much-needed infusion of extra funds into London’s economy, signaling that London plans to become the world's first cryptocurrency city," Rose stated on his Instagram page.
Moreover, Rose has pointed out that the LONDON token system is designed to be accessible and user-friendly, catering to both cryptocurrency novices and seasoned enthusiasts. This inclusivity is crucial for ensuring broad participation across the city's diverse population.
The concept of directly distributing money to citizens through cryptocurrency is not entirely new. Earlier in August 2023, Thailand's parliament elected Srettha Thavisin as the next prime minister, who had previously promised to distribute 10,000 baht (approximately $300) to each citizen if elected. This global trend highlights a growing interest in leveraging digital currencies as tools for economic development and direct fiscal policies.
Brian Rose's plan represents a significant shift in how cities might leverage financial technology to boost economic activity and inclusivity. If successful, it could serve as a model for other cities worldwide, showcasing the potential of cryptocurrencies to play a pivotal role in urban economic strategies. Whether this initiative will receive the necessary political and public support remains to be seen, but it undoubtedly places London at the forefront of financial innovation.
