Wednesday, May 14, 2014

Bitcoin Solution to Little Scotlanders Post Independence Currency Problem?

A Scottish retailer will only use bitcoin for three days this week in a bid to test out whether the cryptocurrency has the potential to take over from pound as the country's new currency in the event of independence.

CeX, the second-hand electronics, DVD and video game store, has turned its Glasgow Sauchiehall store into a "pound-free zone" for the next three days, only accepting bitcoin as payment for any good bought - as well as only paying customers in bitcoin.

Although critics may perceive the event as a publicity stunt, the radical move could spark debate about the practical and mainstream use of cryptocurrencies in Scotland in the future.

"With Scottish Independence high up on the news agenda along with questions surrounding what currency Scotland would use, the three day trial will give Scots the opportunity to ditch the pound and trial a different kind of currency altogether," said CeX commercial director David Butler.

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