Why Cities Will Soon Choose Digital Currency Over Fiat Money

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Pavel Bains is the CEO and co-founder of Bluzelle, a company providing a suite of blockchain-powered applications aimed to accelerate financial inclusion.

In this opinion piece, Bains argues that national currencies do not work in the interests of all a country’s urban areas, predicting that soon a city will make the leap to its own, digital, currency.

floating-city

Over the last 100 years, we have seen all innovation happen in cities. Cities are where people meet and exchange ideas, and opportunities in business emerge.

By 2050, it’s estimated almost 70% of the world population will be living in cities, more than double in 100 years. In absolute numbers, that is a growth of 850 million to 6.3 billion urbanites. In 15 years we will have 41 ‘megacities’ (cities with populations of more than 10 million), a fourfold increase since 1990.

With all the power of growth and influence emanating from cities and not from farms and villages, our model of ‘one country, one currency’ is outdated.

I predict that within 10 years we will see the first city separate from the national currency and have its own, digital money.

Old terms no longer apply

We refer to countries as ‘developed’, ’emerging’, ‘developing’, and ‘poor’ nations.

Read more ... source: CoinDesk

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