Naples’ mayor calls for an autonomous municipal cryptocurrency 22288 Italian flag and cryptocurrencies
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Rakesh Ranjan Parashar
Sep 4, 2018 at 4:13 AM

In a dramatic development, Naples’ mayor, Luigi de Magistris, has posted a highly volatile and impassioned pledge on his facebook page to launch an autonomous municipal cryptocurrency that, he says, would unshackle the city from “anti-southern discrimination” and “unfair” debt.

Describing the new cryptocurrency as part of a threefold plan, De Magistris argued that the launch of this new currency would Naples reclaim political and fiscal autonomy— the capital of Italy’s southern Campania region.

While the mayor’s post didn’t outline any specifics or steps for the process, it has definitely succeeded in stirring a hornets’ nest and brought to fore the north-south fault line in Italian politics.

'Cryptocurrency to empower southern regions'

Italy is going through troubled times and no one can ignore the gaping chasm and conflicting demands of the two halves of a fractured nation—the industrialized north and the deprived south. Trying to whip up emotions, mayors’ latest rhetoric has only added fuel to the growing demand for autonomy in the southern regions of Italy.

Considering the north-south divide the mayor’s latest post has contextualized the vision of for a municipal cryptocurrency with a political movement to empower the southern regions.

According to him, the central government is all in a deal with the north and working to the north’s advantage:

 “Before a government with obvious anti-south traction, which is strengthening the Lombard-Veneto axis… and is working to hijack most of the resources towards the rich, giving only alms to the south, we must launch an historic challenge, never thought nor implemented so far.”

The mayor also retaliated forcefully to the city’s creditors, saying that Naples does not recognize its debt — due in a “putrid” currency, the Euro— adding, “We in fact are victims and should be compensated, rather than paying debt to the usurpers!”

De Magistris’ post further highlights Naples’ status as a global tourist destination. It also echoes a popular sentiment across the region which calls to upend traditional economic structure with blockchain enabled distributed and tokenized system.

See Also: Italian Entrepreneurs raise upto 20 Million Euros for a cryptocurrency mining factory

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Image via Shutterstock

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