A Scottish Currency in an Independent Scotland
Zoom video by Tim Rideout. Timetable for introduction of Scottish Pound post independence. What will happen to my wages and bank account, and pension.
What currency can Scotland have when independent?
People want to know if Scotland can keep using the pound after independence, or if an independent currency is viable.
How to start Scotland's own currency
A central bank needs to be established. Personal and business accounts need to be set up. Loans can continue to be paid in Sterling or the new currency. Pensions can also be paid in the same way.
Independent currency requirements
An independent Scotland needs its own currency. First requirement is a Central Bank. Then there the details of bank accounts, customer accounts (business and personal), repayment of loans, payment of pensions, and the printing and coining of money. All these are technical details which financial institutions are well versed in.
Currencies Scotland could use after Independence
According to Modern Monetary Theory an independent currency is necessary to have a properly independent country. It is possible to establish a currency for Scotland and there are enough resources to provide sufficient monetary resources to support it.
Would an independent Scotland have to use the Euro?
Fast Facts
‘No. Scotland would not have to necessarily use the Euro.’
Category
New Money; Central Bank Digital Currencies
Alternative Published Date
2021
Fast Facts
Craig speaks to Peter Ryan – expert on currency and banking systems and author of several papers for Common Weal and the Scottish Independence Convent
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Busting the old Unionist anti-indy myths. Open minds on Scottish independence #19
Date Published
Fast Facts
This article looks at three myths about Scottish independence:
Myth 4: Business leaders are worried about the effects of independence.
Myth 5: A new Scottish currency would be difficult to establish
Category
TRANSITION TO A SCOTTISH CURRENCY
Alternative Published Date
2020
Fast Facts
The decision on Scottish independence is a decision for the people of Scotland. When making that decision it should be clear which currency an independent Scotland would use.
Category
Scottish Currency Group
Fast Facts
People working towards the introduction of a Scottish Currency 'as soon as practicable' after Independence Day. A Facebook group.
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