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Naples Mayor Pledges To Introduce An Independent Cryptocurrency

Bitcoin Only Palazzo Sale; a 17th century palazzo to go on sale for 550 BTC

Through a Facebook post, Naples Mayor to unveil a sovereign municipal digital currency. The mayor, Luigi de Magistris stated that the sovereign crypto will free the city from unfair debt and the anti-southern discrimination. He made the statement on his public Facebook profile on September 2, 2018.

Naples mayor supports the introduction of a new crypto

The Naples mayor supports the introduction of a new crypto since it will help solve various purposes. A new cryptocurrency will aid the city in reclaiming its fiscal sovereignty as well as its political autonomy. Naples is the capital city of Campania, which is in the southwestern part of Italy.

Even though the mayor’s post did not reveal much details he had previously discussed intentions to introduce a crypto. The sovereign municipal digital currency will be pegged on the economy of the city. A Municipal Administration’s group working on the blockchain and cryptocurrency has been featured in the city’s formal page. Following the revelation of the plan, there has been a rise in the blockchain activity locally.

Italy is currently undergoing a tough time since there are ongoing disputable demands from both parts of the nation. While the northern part of the country is industrialized, the southern part remains deprived. Thus, Magistris post has Facebook post has only heightened the demand for sovereignty in the southern part of Italy. The mayor’s move has linked the municipal crypto’s vision with a political faction to unshackle the southern region.

Government siding with the north

Magistris explains that the push for more power locally has been prevented by Italy’s northern region. He affirmed that the central government has been working to the advantage of the north. The mayor stated, “Before a government with obvious anti-south traction, which is strengthening the Lombard-Veneto axis… and is working to hijack most of the resources towards the rich, giving only alms to the south, we must launch an historic challenge, never thought nor implemented so far.”

Naples mayor is optimistic that, if the city gets its own digital currency, it will truly liberate itself financially. He was critical of the Euro, terming it as a putrid kind of currency. He feels that rather than Naples paying the debt, it should be compensated since it is a victim.

Published by Flavia Carruth

Hi, I am Flavia and have done my MBA with finance as specialization and a Bachelor in Economics with 4 years of experience as Financial Analyst in leading Software Firm. I have passion for article writing, report making and stock market Analysis.

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