The owners of the Scotcoin digital currency have offered to give it to the Scottish government so that it can become the nation’s official cryptocurrency, according to a report from The Herald. Co-owner David Low has suggested that he sees the gift as a “donation to the Scottish people” and wants the government to provide £10,000 worth of Scotcoin to every person under the age of 25 years old.
The proposal was presented by Lawyers for Low, and the Scotcoin Project in a letter to Keith Brown, Cabinet Secretary for Economy, Jobs and Fair Work. Copies were also sent other leaders within the government. The Scotcoin offer reportedly includes transferring the coin’s intellectual property, trademarks, and website domains to the government, free of charge.
Low has said that the plan to distribute the coins will proceed even if the government declines the offer. The alternative strategy would see him establish a community interest company to distribute the Scotcoins to the desired recipients, to “help alleviate poverty and sustain community and charitable projects.”
The Scotcoin team is also working on a new blockchain:
"The current one is fraught with hurdles, volatility, transaction costs, slowness and we will move more into the mainstream and all of the barriers will be removed. It will also meet all known UK regulations, so there will be protection against money laundering and it will have a Scottish domicile with an ethos of probity and substance.”