ScotPound https://sil2.e-infinitum.com/ en Scottish Currency Options Post-Brexit https://sil2.e-infinitum.com/scottish-currency-options-post-brexit <span class="field field--name-title field--type-string field--label-hidden">Scottish Currency Options Post-Brexit</span> <div class="field field--name-field-author-or-creator field--type-string field--label-above"> <div class="field__label">Primary Author or Creator</div> <div class="field__item">Craig Dalzell</div> </div> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="/user/18" typeof="schema:Person" property="schema:name" datatype="">Stephen Richard</span></span> <span class="field field--name-created field--type-created field--label-hidden">Thu, 09/02/2021 - 10:59</span> <div class="field field--name-field-additional-author-s-creato field--type-string field--label-above"> <div class="field__label">Additional Author(s) / Creators</div> <div class="field__item">Common Weal</div> </div> <div class="field field--name-field-alternative-published-date field--type-string field--label-above"> <div class="field__label">Alternative Published Date</div> <div class="field__item">July 2016</div> </div> <div class="field field--name-field-category field--type-entity-reference field--label-above"> <div class="field__label">Category</div> <div class='field__items'> <div class="field__item"><a href="/taxonomy/term/150" hreflang="en">Currency</a></div> </div> </div> <div class="field field--name-field-type field--type-string field--label-above"> <div class="field__label">Type of Resource</div> <div class="field__item">Policy Paper</div> </div> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-above"> <div class="field__label">Fast Facts</div> <div class="field__item"><p>―Countries rarely have full control over all aspects of currency management simultaneously. Compromises must often be made, though different countries arrive at different solutions to those compromises.</p> <p>― Setting up a new currency, if an independent Scotland chooses to do so, will involve planning but the steps involved are well understood and opportunities arise for public involvement in some of them, particularly design of new notes and coins.</p> <p>― Currency options discussed include a formal currency union with either Sterling or the Eurozone; Unilateral use of either currency; or a new Scottish currency, dubbed the £Scot, managed under various options of fixed, flexible or floated pegs.</p> <p>― Whilst, economically, no single option is likely to be significantly better or worse than any other — merely different — the political weight tends towards the recommendation of a newly independent Scotland adopting an independent £Scot, initially pegged to Sterling but with the option of moving, changing or floating the peg as and when required or desired.</p></div> </div> <div class="clearfix text-formatted field field--name-field-precis field--type-text-long field--label-above"> <div class="field__label">More details</div> <div class="field__item"><p>It is widely acknowledged that one of the weaker aspects of the 2012-14 Scottish independence campaign was the debate around currency. The strategy of adopting a Sterling union with the rest of the UK, even after such a union had been publicly dismissed by the pro-Union advocates, was deeply damaging in terms of both confidence in the pro-independence campaign itself and in uncertainty about the future of an independent Scotland.</p> <p>In the wake of the 2016 EU referendum result, a second independence campaign has been deemed “highly likely” to take place within the next few years. It is vital then that the questions which the 2014 campaign could not answer are addressed now, before the second campaign is launched. This report seeks to take this opportunity to further the currency debate by explaining the concepts required to fully understand the details of the debate as well as laying out the options that an independent Scotland could reasonably face.</p> <p>Key Points:-</p> <p>• Countries rarely have full control over all aspects of currency management simultaneously. Compromises must often be made, though different countries arrive at different solutions to those compromises.</p> <p>• Setting up a new currency, if an independent Scotland chooses to do so, will involve planning but the steps involved are well understood and opportunities arise for public involvement in some of them, particularly design of new notes and coins.</p> <p>• Currency options discussed include a formal currency union with either Sterling or the Eurozone; Unilateral use of either currency; or a new Scottish currency, dubbed the £Scot, managed under various options of fixed, flexible or floated pegs.</p> <p>• Whilst, economically, no single option is likely to be significantly better or worse than any other — merely different — the political weight tends towards the recommendation of a newly independent Scotland adopting an independent £Scot, initially pegged to Sterling but with the option of moving, changing or floating the peg as and when required or desired.</p></div> </div> <div class="field field--name-field-resource-url field--type-link field--label-above"> <div class="field__label">Resource Address (URL)</div> <div class='field__items'> <div class="field__item"><a href="https://commonweal.scot/wp-content/uploads/2016/07/Scottish-Currency-Options-post-Brexit.pdf">https://commonweal.scot/wp-content/uploads/2016/07/Scottish-Currency-Options-po…</a></div> </div> </div> <div class="field field--name-field-keywords field--type-entity-reference field--label-above"> <div class="field__label">Keywords</div> <div class='field__items'> <div class="field__item"><a href="/taxonomy/term/158" hreflang="en">Currency</a></div> <div class="field__item"><a href="/taxonomy/term/454" hreflang="en">Pound Sterling</a></div> <div class="field__item"><a href="/taxonomy/term/552" hreflang="en">ScotPound</a></div> </div> </div> <div class="field field--name-field-related-questions field--type-entity-reference field--label-above"> <div class="field__label">Related Questions</div> <div class='field__items'> <div class="field__item"><a href="/taxonomy/term/22" hreflang="en">What currency can Scotland have when independent?</a></div> </div> </div> <div id="field-language-display"> <fieldset class="js-form-item js-form-type-item form-type-item js-form-item- form-item- form-group"> <label>Language</label> English </fieldset> </div> Thu, 02 Sep 2021 09:59:36 +0000 Stephen Richard 245 at https://sil2.e-infinitum.com ScotPound: Digital Money for the Common Good https://sil2.e-infinitum.com/scotpound-digital-money-common-good <span class="field field--name-title field--type-string field--label-hidden">ScotPound: Digital Money for the Common Good</span> <div class="field field--name-field-author-or-creator field--type-string field--label-above"> <div class="field__label">Primary Author or Creator</div> <div class="field__item">New Ecconomics Foundation</div> </div> <span class="field field--name-uid field--type-entity-reference field--label-hidden"><span lang="" about="/user/18" typeof="schema:Person" property="schema:name" datatype="">Stephen Richard</span></span> <span class="field field--name-created field--type-created field--label-hidden">Tue, 08/31/2021 - 08:44</span> <div class="field field--name-field-additional-author-s-creato field--type-string field--label-above"> <div class="field__label">Additional Author(s) / Creators</div> <div class="field__item">Common Weal, </div> </div> <div class="field field--name-field-date-published field--type-datetime field--label-above"> <div class="field__label">Date Published</div> <div class="field__item"><time datetime="2015-09-02T12:00:00Z" class="datetime">Wed, 09/02/2015 - 12:00</time> </div> </div> <div class="field field--name-field-category field--type-entity-reference field--label-above"> <div class="field__label">Category</div> <div class='field__items'> <div class="field__item"><a href="/taxonomy/term/150" hreflang="en">Currency</a></div> </div> </div> <div class="field field--name-field-type field--type-string field--label-above"> <div class="field__label">Type of Resource</div> <div class="field__item">Policy Paper</div> </div> <div class="clearfix text-formatted field field--name-body field--type-text-with-summary field--label-above"> <div class="field__label">Fast Facts</div> <div class="field__item"><p>KEY POINTS</p> <p>― Immediate economy boost: We propose a 250 ScotPound (S£) dividend be given to each Scottish citizen, increasing the overall purchasing power within the economy. The injection of funds would not add to the UK deficit and we estimate the payment infrastructure of the system would be low cost – in the region of £3 million – all at a time of austerity.</p> <p>― Lower costs for business: A new payment system – ScotPay – would provide the world’s first publicly owned, not-for-profit national payment system, enabling Scottish businesses to accept payment for goods and services without being charged fees by banks and global credit card firms.</p> <p>― Socially inclusive: The currency would be available to all, with mobile phones the main instrument for making payment via text message or on an app. For those unable or unwilling to use the technology, a voice recognition system would also be implemented to ensure inclusion.</p> <p>― Leading by example: The project would demonstrate that a new national currency can be created and implemented. Successful implementation could significantly reduce the chances that any future debates about independence would be unduly influenced by the fear of losing sterling.</p></div> </div> <div class="clearfix text-formatted field field--name-field-precis field--type-text-long field--label-above"> <div class="field__label">More details</div> <div class="field__item"><p>Crucially, Scotland does not have to give up sterling in order to introduce its own new domestic digital currency. Such a new payment system could operate alongside sterling and provide social and economic benefits that complement the continued use of the UK’s national currency.</p> <p>Money is one of humanity’s greatest inventions and a powerful social technology. But most people, despite using it every day, have never considered what money really is, how it works and its impact on society.</p> <p>A growing group of innovators have realised the potential to change the design of money so that it better serves people and the planet. So far, most such schemes have been on a small scale, but developments in internet and mobile phone technology are offering new, bigger opportunities.</p> <p>In the UK, 97% of new money is created by commercial banks in the form of interest-bearing debt - loans. Scotland, like the rest of the UK, would benefit from a pluralist monetary system that includes forms of money not based on bank debt creation to mitigate the worst consequences of the current system and create a more diverse and resilient economy.</p> <p>This report outlines the creation of a new national digital currency, ScotPound, and free-at-point-of-use payment system, ScotPay, for Scotland. Our proposals draw on over two decades of research into top-down reform of existing national currency systems and bottom-up local and complementary currencies. </p> <p>The new Scottish currency would be non-convertible and purely digital, operated through an arm’s length public enterprise – BancaAlba.</p> <p>The introduction of such a scheme, even if relatively small-scale at first, would have a number of social and economic benefits:</p> <p>1. An economic boost: We propose a 250 ScotPound (S£) dividend be given to each Scottish citizen, increasing the overall purchasing power within the economy. The injection of funds would not add to the UK deficit and we estimate the payment infrastructure of the system would be low cost – in the region of £3 million – all at a time of austerity.</p> <p>2. Lower costs for business: A new payment system – ScotPay – would provide the world’s first publicly owned, not-for-profit national payment system, enabling Scottish businesses to accept payment for goods and services without being charged fees by banks and global credit card firms.</p> <p>3. Socially inclusive: The currency would be available to all, with mobile phones the main instrument for making payment via text message or on an app. For those unable or unwilling to use the technology, a voice recognition system would also be implemented to ensure inclusion.</p> <p>4. Leading by example: The project would demonstrate that a new national currency can be created and implemented. Successful implementation could significantly reduce the chances that any future debates about independence would be unduly influenced by the fear of losing sterling. The programme would improve understanding about how money works and its potential uses. Scotland would position itself as a world leader in financial innovation.</p> <p>The specification and design of the ScotPound currency, the ScotPay public interest payment system, and the arm’s length public enterprise operator BancaAlba set out in this report are not final blueprints. In highlighting the huge economic and social potential of financial innovation, we hope that Scotland’s people and political parties will debate and consider such a scheme, with or without another independence referendum</p></div> </div> <div class="field field--name-field-resource-url field--type-link field--label-above"> <div class="field__label">Resource Address (URL)</div> <div class='field__items'> <div class="field__item"><a href="https://commonweal.scot/wp-content/uploads/2015/09/ScotPound-Digital-Money-for-the-Common-Good.pdf">https://commonweal.scot/wp-content/uploads/2015/09/ScotPound-Digital-Money-for-…</a></div> </div> </div> <div class="field field--name-field-keywords field--type-entity-reference field--label-above"> <div class="field__label">Keywords</div> <div class='field__items'> <div class="field__item"><a href="/taxonomy/term/158" hreflang="en">Currency</a></div> <div class="field__item"><a href="/taxonomy/term/552" hreflang="en">ScotPound</a></div> <div class="field__item"><a href="/taxonomy/term/315" hreflang="en">Online banking</a></div> <div class="field__item"><a href="/taxonomy/term/629" hreflang="en">ScotPay</a></div> </div> </div> <div class="field field--name-field-related-questions field--type-entity-reference field--label-above"> <div class="field__label">Related Questions</div> <div class='field__items'> <div class="field__item"><a href="/taxonomy/term/9" hreflang="en">Can Scotland have an independent banking system?</a></div> </div> </div> <div id="field-language-display"> <fieldset class="js-form-item js-form-type-item form-type-item js-form-item- form-item- form-group"> <label>Language</label> English </fieldset> </div> Tue, 31 Aug 2021 07:44:01 +0000 Stephen Richard 141 at https://sil2.e-infinitum.com