A high-street shop in Scotland has banned the use of pounds sterling in its store, and is only allowing customers to use bitcoin (XBT1=GBP261.80) – for three days starting on May 13th. The store in question operates as a goods or recycling exchange; customers can bring in second hand, unwanted goods and exchange them for cash, credit or other items in the store. This week, they will be able to trade goods for bitcoin at the store, which will put the digital currency – or at least denominations of it – into the hands of a group of people who may never have mined nor bought bitcoin on digital exchanges.
This is a fascinating experiment, which could spell the future of digital currency use globally. It falls far short of the nationwide ‘airdrop’ made by Auroracoin in Iceland, and the introduction of Mazacoin to the Lakota Nation but nonetheless it does make an interesting case for crypto-currencies and financial inclusion.
Scotland is seeking independence from the United Kingdom and there if the ‘Yes Scotland‘ campaign wins, the country will need to introduce a new currency. Although this experiment is nothing more than a trial on a small scale, it will introduce the concept of digital currency to the general public and could pave the way for more trials with diverse crypto-currencies. This is not about ‘banking the unbanked’ but about providing currency and economic power to a population.
Watch the report on the IB TIMES portal.