Scotland Sees Thriving Digital Currency Market

Skyline view of the ancient Scottish city of Edinburgh.

Scotland has made headlines recently as the calls for Scottish independence have resurged in the wake of the Brexit fiasco. The northern nation in the UK has also of late become a global centre for cryptocurrency innovation.

Scotcoin Project

Scotcoin is a developed digital currency in Scotland that has gained notable reactions from cryptocurrency enthusiasts in the region. It was launched by Scottish venture capitalist Derek Nisbet in 2013, reports Cointelegraph. Although it was not a government project, the Scotcoin have been praised widely.

Among its hallowed goals, Scotcoin offers fair distribution of the currency among the Scottish public. It also keeps wealth local and supports growth in the Scottish economy, according to the project’s official website.

Growing crypto market in Scotland

Scotland’s interest in cryptocurrency is growing steadily, with a plethora of start-ups promoting the use of smart financial techniques, this of course including the use of cryptocurrency. Zumo is one such Scottish start-up which has vowed to make cryptocurrency simple and workable for the general lay public.

Zumo operates as a virtual wallet, whereby Ethereum or Bitcoin for example could be accessible from an app on your mobile phone, thereby making the crypto usage much more approachable and user-friendly, reports The Courier.

As more and more countries strong economies (like the Bahamas) adopt more user-friendly cryptocurrency approaches, it will be interesting to see how the Scottish story will unfold. With the UK’s leave of Brexit, the British economy, including Scotland will find itself in new terrain. Perhaps their solution will be in the innovative Scottish cryptocurrency projects.

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Raïs Tarek 87 Articles
Journalist and lawyer, with a passion for global politics, economics and current affairs.