Here is an opinion piece that has a television series written all over it, SYFI channel for sure. Failing national currencies, cities getting larger and larger and feeling left out of the national “agenda” and most (if not all) of innovation taking place in urban settings will lead to…………….huge cities developing their own digital currencies. Whoa, go long NY coins and short LA coins.
Will cities develop their own digital currencies? With the world’s population gravitating to large urban areas there may very well be a certain amount of “megacities” globally where all the innovation in technology takes place. Next step? A city’s own currency. This is a very good and thought provoking read.
“Pavel Bains is the CEO and co-founder of Bluzelle, a company providing a suite of blockchain-powered applications aimed to accelerate financial inclusion.
In this opinion piece, Bains argues that national currencies do not work in the interests of all a country’s urban areas, predicting that soon a city will make the leap to its own, digital, currency.
Over the last 100 years, we have seen all innovation happen in cities. Cities are where people meet and exchange ideas, and opportunities in business emerge.
By 2050, it’s estimated almost 70% of the world population will be living in cities, more than double in 100 years. In absolute numbers, that is a growth of 850 million to 6.3 billion urbanites. In 15 years we will have 41 ‘megacities’ (cities with populations of more than 10 million), a fourfold increase since 1990.
With all the power of growth and influence emanating from cities and not from farms and villages, our model of ‘one country, one currency’ is outdated.
I predict that within 10 years we will see the first city separate from the national currency and have its own, digital money.”
Read Full Article at CoinDesk