Thursday, April 25, 2024
Good News in the WorldUKWales ventures into crypto innovation: Local currency sparks optimism for SMEs

Wales ventures into crypto innovation: Local currency sparks optimism for SMEs

Wales is set to pioneer its own cryptocurrency, investing £100,000 from the £4 million Foundational Economy Challenge Fund. Aimed at bolstering local Small and Medium Enterprises (SMEs), the project draws inspiration from Sardex, a successful mutual credit system in Sardinia.

CEO Eifion Williams believes this initiative could have added £256m in turnover for Welsh SMEs if launched in 2008. With Deputy Minister Lee Waters emphasizing the government’s commitment to a resilient economy, the project’s potential impact on local communities is eagerly anticipated.

Source video: Big Think on YouTube

Source image: MichaelWuensch / pixabay

Source: cointelegraph.com

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