Barcelona to launch its own digital currency

Barcelona council will reportedly launch its own digital currency within the next six months.

According to El Pais ( a major national newspaper in Spain), Mayor Ada Colau hopes that the digital currency will stimulate local business development.

While it is unclear whether the currency is strictly a cryptocurrency, the commission said users can store their digital currency holdings in mobile wallets and exchange them for fiat currency.

In addition, citizens will receive part of their wages in the new digital currency. Businesses in the region will also be able to apply for small loans in digital currency from the committee.

Fernando Restoy, deputy governor of the Bank of Spain , said that while he knew little about the project, he did not like the proposal. " I think it is impossible and undesirable, " he said.

The proposal was made by the Barcelona committee after the New Economics Foundation, an independent economic think tank, suggested Scotland should consider creating its own digital currency, the “scotpound” .

CoinDesk sought comment from Ada Colau’s camp but received no response by press time.