London mayoral candidate wants to give £100 in crypto to every resident

Mayoral candidate Brian Rose wants to give everyone in London a new crypto token worth £100, according to plans revealed on Thursday.

Under the working title of LONDON Token, Rose’s plan would see the creation of a £1 billion liquidity pool via a one-off tax on profits made by the city’s financial institutions.

According to Rose’s campaign team, the plan is to make the new cryptocurrency accepted on London’s transport network and usable to pay council bills, parking charges and other expenses.

London coin could be financed by big banks

The campaign team argued that the proposed 1% Tradfi tax on the profits of London’s large financial institutions for the new token would provide the intervention needed to accelerate the city’s cryptocurrency adoption and growth. .

“London Coin will give Londoners a real relationship with their money. They will be able to hold it, earn interest, save it, trade it, stake it, all with decentralized financial protocols right from their phone,” he said. Rose said. The block.

“Imagine each of our nine million citizens, from young to old, rich to poor, educated to uneducated, all able to understand money for the very first time in their lives,” Rose added.

Financial education for London residents

Rose said that, if elected, the LONDON token would be available on popular exchanges – with a comprehensive cryptocurrency financial education platform also planned to help the city’s citizens learn how to manage their digital wallets, to invest their tokens and get involved. in the blockchain economy.

“As an entrepreneur and former banker of 15 years, I realize that the number one problem Londoners face is a complete lack of financial education. Strangely, our schools don’t teach it, yet this ignorance has devastating consequences because it affects all areas of life: money is needed for business, for family, for retirement, for entertainment, for everything,” Rose said.

Rose added that the LONDON token, with its inherent utility and large liquidity pool, could be an ideal way to deliver essential financial education to every individual in Greater London.

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