June 19, 2024

Wales will launch its own cryptocurrency

Wales will launch its own cryptocurrency

The Welsh Government plans to launch its own digital currency to help businessesOffer their goods and services without relying on traditional payment methods.

The government hopes that over the next decade, a system called Celyn, which has already been successfully used in Sardinia, will be able to bring the economy of the country 250 million pounds.

Eyfion Williams, CEO of Circular Economy Wales, said:

By using a model similar toCelyn, Sardinia's small and medium-sized businesses made significant profits last year. Wales is similar to Sardinia, since SMEs make up 99% of all enterprises in the country, so the introduction of a new solution will serve as a strong incentive for economic development.

Welsh Deputy Minister for Economy and Transport Lee Waters said: 

Our economic plan focuses on a broaderand a balanced approach to economic development. Our main goal will be to make companies begin to feel the benefits of using innovative technologies.

Based on materialswww.businesscloud.co.uk