Naples’ secessionist mayor seeks to launch cryptocurrency

September 04, 2018
Chris Wheal

Cryptocurrency issuance could be hitting the municipalities if the mayor of Naples – an avowed hater of the euro – realises his dream.

Naples: mayor leads the Italian city’s secessionist movement

Writing on his public Facebook page Luigi de Magistris railled against the injustices carried out on the poorer south by those who rule the country in the north.

Additional currency

He said: “People of Naples, hampered by authoritarian powers, can redeem ourselves against unjust and arrogant governments.”

He suggests enhancing the south’s position with a manifesto that promotes Naples as an autonomous city, the cancellation of unfair debt – the result of “collusion between politics, business and organised crime”.

The third point in its manifesto was the implementation of “an additional currency” to the euro.

Secessionist currencies

The possibilities offered by cryptocurrencies for secessionist movements can be illustrated by the failure of banknotes produced by the Confederate States of America when attempting to secede from the US in the 1860s.

The decentralised and autonomous nature of cryptocurrencies transacted over a public blockchain might be a solution to the inevitable pressure from sovereign goverments to destabilise any issue of new fiat currencies by secessionist states.

“We must launch an historic challenge, never thought out and implemented so far,” de Magistris said.

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

Related News

OL DEX is closing all activities April 25, 2020
USDT (ERC-20) Gateway Enabled April 17, 2020