Mayoral Candidate Promises 'LONDON' Crypto Token, Mimicking Successful Cities

By: Eliza Bennet

London's mayoral candidate Brian Rose has promised to provide each city resident with £100 worth of a new cryptographic token called 'LONDON' as part of his campaign to make London a crypto-friendly city if elected. The token, which would be developed after he assumes office, could be used to pay for various services like public transport, parking charges, and council bills.

According to Rose, the token will be funded by a one-time 1% tax on the city's major banks to back a £1 billion liquidity pool. It is intended as a way for the banking sector to make restitution for the 2008 financial crash. Beyond just augmenting the capital economy, the campaign is also geared towards introducing Londoners to the world of cryptocurrencies.

Rose expressed hope that this initiative would not only provide residents with financial education but would also inspire them to explore the potential of crypto, blockchain, and Web3 technologies, positioning London as a centre for these revolutionary technologies. The LONDON token plan draws parallels to implemented ideas in New York City and Miami, where their pro-crypto mayors also supported tokens issued in their cities' names by CityCoins. However, these, namely MiamiCoin and NYCCoin, have faced difficulty in their respective cities.