A London mayoral candidate wants to give every resident £100 in a new cryptocurrency token funded by a tax on big banks' profits to promote crypto adoption and financial education.
London mayoral candidate Brian Rose has revealed an ambitious plan to introduce a new crypto token called "LONDON" and distribute £100 worth of it to every resident of the city. This initiative aims to familiarize Londoners with cryptocurrency, provide financial education, and position the capital as a hub of digital assets.
Rose, a passionate advocate for blockchain technology and the founder of London Real, envisions the LONDON token as a means to address the public's discontent with the financial sector's perceived abuse of power and lack of accountability following the 2008 crisis.
His proposal involves creating a £1 billion liquidity pool for the token through a one-off 1% tax on the profits of London's major financial institutions, dubbed the "TradFi tax."
"The LONDON coin will give Londoners a real relationship with their money," Rose stated. "They will be able to hold it, earn interest on it, save it, trade it, stake it, all with decentralized finance protocols directly from their phones."
The LONDON token would be accepted across London's transport network and could be used to pay council bills, parking charges, and other expenses, providing an injection of additional funds into the city's economy. Rose envisions it as a stepping stone towards establishing London as the world's first "crypto-first city."
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.
