Scotcoin owner offers cryptocurrency to Scottish Government

Speaking to The Herald newspaper, Scotcoin co-owner David Low said a proposal has been sent to Cabinet Secretary Keith Brown MSP outlining a scheme that he believes will help revolutionise Scotland’s relationship with cryptocurrency.

Mr Low, who was the architect of the Fergus McCann takeover of Celtic in 1994, told the newspaper that he wants the equivalent of £10,000 in Scotcoin to be given to under-25’s across the nation and if the government rejects his proposal, he intends to set up a national crypto-fund to tackle poverty, investing in charitable causes and community ventures.

As well as the Scottish Government, the offer was sent to members of the opposition parties and includes the the intellectual property, trademarks, domain name and a portfolio of others domains; offering the government an opportunity to leap into the rapidly evolving cryptocurrency market.

Mr Low expained that if the proposal to the Scottish Government is rejected, a Community Interest Company – complete with a professional board, CEO and assisted by international experts – will be established to administer the currency.

The unissued money, with a current market value of £50 million, will be administered by the board with what Mr Low’s lawyers describe as “bottom-up quantitative easing for the principal benefit of the disadvantaged and deserving”.

Young people will be encouraged to work with the homeless and in community ventures – “to do good deeds” – and will be paid in Scotcoin.

“They can keep the money or they can spend it,” Mr Low said, “but obviously if they’re going to be paid in Scotcoin then they need to be able to spend it. We’re in the process of signing up strategic partners as both employers and businesses where the cash can be spent.”

Mr Low also noted that his intentions are not an entirely philanthropic and he will retain his own Scotcoins, which he believes will increase substantially in value, whatever the outcome of his offer to the Scottish Government.

“We believe in the future of digital coinage and the Scotcoin,” Low said. “It’s up to the Government to decide if they do or not.”