Sterling stops at Dover.
What are we to make of Scotland after Brexit? To listen to many, we will be reduced to vassal status and plunged into a permanent recession, with 16% of our exports immediately cut to zero. And errrr 63% still going to the rest of the UK. Hmmm so four times more goes to UK than to Europe.
Those of a mathematical bent will have noticed these two figures don’t add to 100% – they only add to 79%. So a further 21% is to the rest of the world – significantly more than to Europe. Quite a significant portion of that goes to the USA.
So what does this tell us? 37% of our exports go to non-sterling and non-Euro areas. That adds to around £30 billion a year of money transfers. Allowing for bank charges, delays of transmission, fees and general hassle, that means Scottish exporters have to pay something around £1-2billion a year in charges. Between 3 and 6%.
Stop for a minute and consider that. Countries around the world are starting to do just that. If those sums could be diverted from banks and other institutions that use it to enhance the wallets of their officers and shareholders, exporters, importers and the general public would be a like sum better off.
Enter crypto currencies –digital currencies. You may have heard of Bitcoin, but you may not have heard of the Blockchain, or the myriad of other digital currencies that are tearing up the international rulebooks. We in Scotland have Scotcoin, our very own digital currency that can help with this problem.
Before we explore that, I mentioned other countries that were looking to reduce remittance fees. Take the Philippines. They have literally millions of their countrymen and women worldwide. They all send money back to the Philippines, one of the poorest countries in the world. And it costs them literally BILLIONS every year. A few billion dollars into their economy each year would improve the lot of their resident population immeasurably. Their solution is to use Bitcoin to transmit funds from around the world. Sending $100 or $100 million costs exactly the same – around $2. Try sending $100 million via a bank and be prepared for it to cost millions. That means extra cash for your family back home.
Digital currency is here to stay and we should use it worldwide. The pound Sterling stops at Dover – but Scotcoin doesn’t.
So let’s try to give Scotland and it’s exporters an unfair advantage. Use our own digital currency – Scotcoin. Have a look here : https://scotcoinproject.com and our exchange https://exchange.scotcoinproject.com if you want to buy some.
If we truly want to trade with Europe we need to find better ways to transact with them – not shout about Brexit. It’s being unique and innovative that will make the grade, not sticking with old fashioned methods. Digital currency is here to stay and we should use it worldwide. The pound Sterling stops at Dover – but Scotcoin doesn’t. No political borders can restrict it. Think of the entire world as transacting in just one currency, and how incredibly positive economically that would be.
We already have holders in more than 40 countries and are looking to licence its use in other areas. If you fancy being an official Scotcoin Licensee, and if you want to know more, please get in touch and talk to us. We’ll help you move money all over the world for pennies as opposed to pounds.