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Barcelona to Launch Local Digital Currency, Reports Claim

Barcelona city council is reportedly working to launch its own digital currency in the next six months.

Oct 23, 2015 at 1:15 p.m. UTC
Updated Sep 11, 2021 at 11:57 a.m. UTC

Barcelona city council is reportedly working to launch its own digital currency in the next six months.

According to reports from El Pais, one of Spain's leading national newspapers, mayor Ada Colau's government is hoping the digital currency will stimulate local commerce.

Though it remains unclear whether the proposed currency is strictly a cryptocurrency, the council has said that users will be able to store their holdings in mobile wallets and exchange them into fiat.

In addition, civil workers will be able to receive part of their salary in the new digital currency. Businesses in the area will also be able to apply for digital currency micro-credits from the city council.

Fernando Restoy, the deputy governor of Spain's central bank said while he knew little about the project, he did not like the proposal. "I think it is impossible as well as undesirable," he said.

The proposal comes after the New Economics Foundation, an independent economic think tank, said Scotland should consider creating its own digital currency: the 'ScotPound'.

CoinDesk reached out to Ada Colau's party for comment but no reply had been received by press time.

Barcelona image via Shutterstock.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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