Mayoral candidate Brian Rose wants to give everyone in London £100 worth of new cryptocurrency tokens under plans revealed on Thursday.
Under the working title LONDON TOKEN, Rose’s plan would see a £1 billion liquidity pool created through a one-off tax on profits made by the city’s financial institutions.
According to Rose’s campaign team, the plan is for the new cryptocurrency to be accepted across London’s transport network and used to pay council rates, parking fees and other charges.
London Coin can receive funding from large banks
The campaign team argued that the proposed 1% Tradfi tax on profits made by large financial institutions in London on new tokens would enable the intervention needed to accelerate the city’s adoption and growth in the cryptocurrency sector.
“LONDON Coin will give Londoners a real relationship with their money. They will be able to hold, earn interest, store, trade and stake their coins through decentralized finance protocols directly from their phones.” said Rose. block it.
“Imagine if all 9 million of our citizens, from young to old, from rich to poor, from educated to uneducated, were able to understand money for the first time in their lives,” Rose added.
Financial education for London residents
Rose said that if elected, the LONDON token would be made available through popular exchanges. A full cryptocurrency financial education platform is also planned to help the city’s citizens learn how to manage their digital wallets, invest tokens, and participate in the blockchain economy.
“As an entrepreneur and former banker for 15 years, I have realized that the biggest problem facing Londoners is a complete lack of financial education. Strangely enough, we don’t teach this in our schools, but this ignorance is devastating because it can harm everything. It has consequences. You need money for all aspects of your life: business, family, retirement, entertainment, etc.,” Rose said.
Rose added that the LONDON token, with its unique utility and significant liquidity pool, could be an ideal vehicle to provide essential financial education to every individual in Greater London.
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