Scotland’s Independent Vote and Bitcoin

scotland independenceAlthough Scotland has yet to vote whether or not to secede from the United Kingdom, pundits have already begun debating how an independent Scotland should structure its society – specifically its monetary policy.

Theorists have noted that, if the Scots vote “yes” on the independence referendum, Scotland could prove a perfect testing ground for large-scale bitcoin implementation. Naysayers argue that free banking systems are unsustainable, pointing to the so-called “free banking” era in 18th and 19th century Scotland. Consequently, if Scotland’s independence vote passes and bitcoin becomes Scotland’s currency of choice, the system will inevitably collapse. However, a closer examination of Scottish monetary policy during this era reveals that although Scottish banks had freedoms not afforded to most modern banks, their banking system was not free.

Leave a Reply

Your email address will not be published. Required fields are marked *