Barcelona will have its own digital currency

One of the elements of Ada Colau's election program in the race for mayor of the Spanish city of Barcelona was the introduction of a local currency that would [...] https://www.pinterest.com/pin/1085437947660215829/

One of the elements of Ada Colau's electoral program in the race for mayor of Spanish Barcelona was the introduction of a local currency, which would have a positive impact on the local economy. The election campaign was successful, Colau has been mayor since June this year and her party, the left-wing Barcelona en Comú, rules the city. Now it is time to make good on her promises.     One of the elements of Ada Colau's electoral program in the race for mayor of Spanish Barcelona was the introduction of a local currency that would benefit the local economy. The election campaign was successful, Colau has been mayor since June this year and her party, the left-wing Barcelona en Comú, rules the city. The time has come to deliver on promises. In addition to the economic and marketing goals, there is a political aspect to introducing such a currency in the city and surrounding areas. Barcelona is the capital of Catalonia, a Spanish province where separatist tendencies are still alive. The success of the local currency and its possible spread throughout Catalonia could be the next step in autonomy. It must be stressed that it is not known exactly whether the new money will be a digital currency based on cryprography and blockchain. The newspaper "La Vanguardia" reported that, according to the statements of Colau herself, it is supposed to be electronic money, and it will be traded using smartphones and applications installed on them. As commentators point out, the currency's success will depend on how many stores, services and other businesses can be encouraged to adopt it. Accepting local taxes in the currency could be an additional incentive. Colau also plans to offer microloans. Employees hired by the city will be able to voluntarily declare their willingness to receive a portion of their paycheck in the new money. A serious obstacle, for political and financial reasons, may prove to be the Bank of Spain. The institution's deputy director, Fernando Restoy, already made his reluctance clear in June: "It is obvious that this project is impossible to implement, in addition, it is most unnecessary. The objectives of the project can be achieved in a way more compatible with the financial system in which we live." If Spanish banks make it difficult to exchange local money for euros, it may have a hard time gaining the popularity necessary to survive. The idea of local digital currencies itself is not new, and it could be argued that it has become increasingly popular recently. But wouldn't it be a better idea to introduce Bitcoin, which can already be used to pay in tens of thousands of places around the world? A new currency always needs new infrastructure, trust and popularization. Bitcoin already has all of that.     Tags Barcelona Bicoin btc digital currency digital currency Spain Hizpania