The Vatican City is a tiny papal city state that lies in the middle of Rome, Italy. It is the seat of the Catholic Church and home of the Pope, the leader of the international Catholic community. Also known to be a home of immense capital and a safe haven of investments, the Vatican has increasingly become a major advocate of blockchain. Cryptolydian examines this phenomenon.
Crypto and the Church
Since the inception of blockchain technology, the Vatican has favoured its development and adoption in the city state. In April 2020, Bitcoinist reported the exciting news that the Vatican would become the first sovereign nation to use decentralised cryptocurrency in its system.
Furthermore, Pope Francis, the current leader of the Vatican, has been lauded the world over as a modernist and reformer. He has been a big player in democratising the Church. Here too we see his advocacy for a more approachable Church through the adoption of cryptocurrency, which is a great democratising factor in the global financial system.
Blockchain’s future soul in the Vatican
In July 2017, BitMint News reported that the Vatican was contemplating launching its own cryptocurrency, which would be taxed to benefit the poor. The intention manifested in 2019, when Pope Francis announced the launch of SoulCoin, the Vatican’s very own cryptocurrency. The news was met with pleasure in St. Peter’s Square, announced Coil.com.
Church leaders were excited at the prospect of the modernising effect this cryptocurrency would have. They envisioned church donations and other such religious acts performed using this cryptocurrency.
As Italy, which engulfs the Vatican, becomes a leader of crypto development in its own right, it will no doubt have an effect on the tiny papal state. Surely, they will mutually benefit from each other’s cryptocurrency advancements. Meanwhile, Pope Francis continues to be a modernising force in the world’s Catholic community.