Mayoral candidate Brian Rose has unveiled a proposal to launch a new cryptocurrency, the “LONDON token,” aimed at propelling London’s integration and growth in the digital currency market. This initiative involves establishing a £1 billion liquidity pool funded by a one-off 1% tax on the profits of London’s financial institutions.
A Versatile Digital Currency for London
The LONDON token is envisioned to be an integral part of London’s economy, accepted across the city’s transport network and for various payments like council bills and parking charges. Rose’s proposal seeks to deepen Londoners’ connection with their finances by enabling them to directly interact with their money through various decentralized finance (DeFi) protocols via their smartphones.
Financial Education and Accessibility
Rose’s vision extends beyond just the creation of a cryptocurrency. He aims to foster financial literacy among all of London’s nine million residents, providing them with the knowledge to effectively engage with the modern financial world. Through the LONDON token, Rose believes every Londoner can gain a comprehensive understanding of money management, savings, and investments, regardless of their background.
Plans for Implementation and Education
Should he be elected, Rose intends to list the LONDON token on major exchanges and roll out an extensive cryptocurrency education platform. This platform will guide Londoners on managing digital wallets, investing in tokens, and navigating the blockchain economy, significantly enhancing the city’s digital asset adoption and literacy.
Rose’s initiative marks a significant step towards integrating cryptocurrency into London’s daily transactions and financial education, showcasing the potential of digital currencies to revolutionize urban economies and democratize financial knowledge.
