Certain parts of the world stand to gain a lot from creating their own digital currencies. That is much easier said than done, though, as no country or central bank has successfully done so to this point. Catalonia, a region in Spain fighting for independence, is looking to create its own digital currency. In this respect, the region aims to emulate Estonia’s e-residency program. It’s an interesting idea, but is it even feasible?
A Catalonia Digital Currency Makes Sense
Anyone who hasn’t been living under a rock these past two weeks will be aware of the situation in Catalonia. More specifically, there is a major conflict underway between the regional government and Spanish authorities right now. Catalonia wants to become independent of Spain, but the Spanish officials aren’t in favor of its independence whatsoever. However, the Catalonia government is putting up a valiant effort to achieve its goal moving forward.
Given the current institutional crisis in the region and the rest of Spain, it is evident something has to give sooner or later. The latest venture by the Catalonia government revolves around creating its own version of Estonia’s e-residency program. That will not be easy by any means, although the precedent is certainly in place to make it become a reality sooner or later. Attracting entrepreneurs to help create an independent economy will benefit the region and help solidify its independence as well.
Dani Marco, the director of SmartCatalonia, has traveled to Estonia on multiple occasions to see firsthand how its initiative works. Meeting with technology experts has been one of the team’s top priorities in creating a digital residency solution. In Estonia, the e-residency program has attracted over 20,000 entrepreneurs from over 140 countries already. Whether or not Catalonia can boast similar success in the end remains to be determined.
Moreover, there is growing talk of introducing a national digital currency in Catalonia as well. Considering that this part of Spain aims to become independent, that isn’t surprising in the slightest. It seems there are quite a few entrepreneurs working on virtual currencies throughout Spain already. In a way, it’s the perfect ecosystem in which to develop a national digital currency for a region attempting to become completely autonomous.
So far, it appears people close to the matter have already reached out to Vitalik Buterin in regards to the creation of a blockchain-based system to support this new currency. It is very likely we will see an ICO of some sort, although most of the details remain shrouded in mystery for the time being. There are quite a few benefits to this project, assuming it’s actually feasible in the first place.
As of right now, there is no official timeline or roadmap associated with this venture. It is not even a full-fledged plan of action either, although the option is seriously being considered as we speak. Only time will tell whether or not Catalonia gets its own digital currency in the future. If there ever was a reason to pursue such an option, Catalonia’s independence would certainly fit the bill.