Welsh government fund backs a pilot crypto program

The government in Wales will be funding the development of its  cryptocurrency. The aim is to enhance  the local economy, particularly the  small and medium business enterprises.

It has been said that the government has  financed the process. The digital currency is projected  to boost the economy to a tune of GBP 250m over the next 10 years.

Wales is creating a digital currency  on the mutual credit system in Sardina, Italy.  The project has already benefitted some  small and medium businesses and was said to have saved  50 million EUR last year.  The digital currency network will help companies transact without using other states’ currencies.

Dr Paolo Dini, who is a researcher and founder of Sardex and he will support the project. He said that

“it’s so exciting to pilot this in wales.”

Eifion Williams CEO of Circular Economy Wales said:

“The Sardex benefited the Sardinian SME economy to the tune of 50million Euros last year alone. Wales is similar to Sardinia in that SMEs make up 99% of our businesses, so this has the potential to significantly boost our economy.

“If Wales had initiated a copy of the Sardex in 2008, and it had followed the same growth trajectory, Welsh SMEs would now be strengthened to the tune of £256 million in additional turnover.”

Exciting times in the government space then, just today the government in Bermuda said they will take tax payments in the USDC stablecoin. This just compounds on that news and it seems more and more governments are looking into the benefits of digital currencies.