A timely, modern currency for driving social impact

Posted: 17 January 2022, in News

While we absorb the pledges and promises emanating from last year’s COP26, with it’s virtue-signalling and hopeful aspirations uppermost in our minds, it’s thrilling to know that we have our own innovative answer to some of society’s challenges here in Scotland. 

Scotcoin CIC is a new, modern and accessible currency that seeks to benefit people, rather than the big banks and other financial interests. And one that is a first – an ethical currency, dedicated to helping the third sector in Scotland and the citizens that they serve.

Crypto – or digital – currencies have made headlines around the world, and despite their bumpy start, are here to stay. Vested interests who maintain the status quo may seek to detract from the main benefits of crypto, as it removes much of the inequities that exist with existing central-bank controlled “fiat” currencies. 

The complimentary use of cryptocurrency can help to keep more value in the hands of the citizen and to limit or remove ‘value extraction’ from transactions and society by using the various crypto financial systems and novel services that exist on their “blockchain” technology. 

Crypto/digital currencies are doing this and more, steadily driving down costs to transact and are now addressing environmental concerns to make the commercial world use less energy and reduce waste. Enter Scotcoin – helpfully designated ‘SCOT’ in the digital currency world!

Things are moving fast – both with crypto uptake and innovations, but also with Scotcoin on the ground. The coin is managed by a Community Interest Company (CIC) and its ambitions and intent are wholly altruistic. It’s focused on bringing value to the citizen-in-need and to empower them and others to create an environment and ‘ecosystem’ where projects can thrive that otherwise may stall.

Citizens can be rewarded and individual lives improved by the injection of coin into social enterprises, charities or other for-purpose organisations. Indeed, not only can Scotcoin be used by the citizen to purchase goods and services from SCOT-accepting and enabled ‘retail’ providers and other organisations (you don’t even need a bank account), but there is also growing excitement among third sector organisations to use SCOT for purchasing and selling within the sector too. This can encourage greater cross-sector cooperation and value exchange.

Scotcoin is very much a project and currency whose success is from the ground-up. So for every one of us who uses it, every person who has a SCOT wallet, every third sector or SME organisation that accepts and uses SCOT, it helps the local community and national society in Scotland to benefit directly. 

We have a superb internationally-acclaimed brand in our country name of Scotland and a suitably named Scotcoin that matches and aligns with those ‘brand’ values of trust, human value, a desire for equality and to help our fellow humans whatever their circumstance. Whilst we look forward with hope after COP26, we can make a real difference here at home by wholly embracing a vital new, innovative, and potent way to help Scotland create and maintain value at the local level, to help those that need it most.

Be part of the change you wish to see – open up a Scotwallet account at scotwallet.com and join in today!

If you are a third sector organisation looking to apply for SCOT funding, please email davidhood@scotcoinproject.com 

David Hood, Scotcoin CIC