Could An Independent Scotland’s National Currency Be a Crypto Coin?!?

Crypto as a national currency for an independent Scotland is a powerful idea and goal.

It draws on Scotland’s tech-savvy ecosystem (e.g., blockchain hubs in Edinburgh and Glasgow) and historical proposals for digital alternatives.

Discussions of cryptocurrency as a Scottish currency date back to the 2014 independence referendum era, when think tanks like Common Weal explored nine options, including adopting or creating a crypto like Bitcoin or a bespoke “ScotPound.”

Post-Brexit analyses in 2016 and 2018 revived this, suggesting crypto could bypass reliance on the pound sterling or euro, especially if EU membership negotiations falter.

Scotcoin

The standout idea is Scotcoin, launched in 2013 as Scotland’s first country-specific cryptocurrency. It’s an ERC-20 token on Ethereum, with over 7,000 global holders, and is managed by the Scotcoin Project CIC—a community interest company focused on social good, like funding anti-poverty initiatives and environmental projects.

In 2018, it was proposed to Holyrood as an official digital currency, with ideas for airdropping 250 Scotcoins per citizen as a dividend (costing ~£3 million in infrastructure). Recent discussions envision a “non-fiat Scottish pound” backed 30% by Bitcoin, 50% by energy revenues, and 20% by reserves, using excess renewable energy for mining to generate £2-£4 billion annually.

Adopting crypto (e.g., a state-backed Scotcoin or Bitcoin hybrid) could position an independent Scotland as a fintech pioneer, leveraging its renewable energy surplus for mining and its diaspora for global adoption.

Financial Inclusion & Efficiency – Low transaction fees and borderless payments reduce remittance costs (Scotland receives ~£500 million annually from abroad) and enable micro-transactions for social programs like universal basic income via airdrops. Could fund anti-poverty efforts, aligning with Scotcoin’s ethos; Edinburgh’s blockchain expertise (e.g., Cardano hub) accelerates rollout.

Monetary Sovereignty – Avoids “currency union” risks with rUK (e.g., no veto power over interest rates); a crypto-backed pound could be stabilized by energy exports (£15-£20 billion/year from oil, wind, hydro). Ties into Norway-like sovereign wealth fund, potentially reaching £100 billion in 30 years via Bitcoin mining on “stranded” green energy.

Innovation & Growth – Attracts tech investment; mining could add £3-£6 billion/year, boosting GDP by 1-2% and creating 50,000 jobs in services/manufacturing. Positions Scotland as “Europe’s crypto capital,” drawing talent from London’s post-Brexit exodus.

Inflation Hedge – Fixed-supply cryptos like Bitcoin resist devaluation, appealing in volatile post-indy transition. Useful if sterling peg fails, per 2025 X models showing a Bitcoin-backed pound outperforming GBP/EUR in stability.

This is no utopian dream, but a pragmatic revolution. By embracing crypto-native finance, Scotland could bypass the chokeholds of Westminster’s fiscal drag, attract global talent to Glasgow’s fintech hubs, and fund public services with the precision of smart contracts. The risks—volatility, regulation, adoption—are real, but so is the alternative: perpetual dependence on a sterling system that dilutes Scottish ambition.