Italy's Naples to Launch its Own Cryptocurrency to Combat Unfair Debt

Naples To Launch Its Own Cryptocurrency

In the modern era, cryptocurrency has often been as much of a political statement as it has been a financial tool. Countries all over the world have considered the adoption of cryptocurrencies in order to escape traditional methods of financial oppression or to subvert dominant authorities within their own governments.

Specifically, this year saw the first major country’s adoption of cryptocurrency as Venezuela integrated Dash as a potential solution to massive inflation and deadly economic realities under a corrupt government.

And it isn’t surprising that blockchain-backed cryptocurrencies are so predisposed to subverting authorities and changing economic conditions. After all, the original cryptocurrency Bitcoin was well-known for its anti-establishment leanings, its founders having been heavily in-favor of the dream of creating a new financial system free from the corruption and manipulation so readily available within the traditional fiat sector.

And in a 21st century world rife with complex political situations in need of drastic and immediate response, the allure of integrating a somewhat decentralized public cryptocurrency seems particularly interesting to many in power.

This consideration is one of supreme concern for the citizens of the Naples jurisdiction of Italy. Following a serious Facebook post by Mayor Luigi de Magistris, it appears that the major city is to begin progress on creating their own autonomous cryptocurrency. The motivation should be somewhat unsurprising for cryptocurrency followers with a penchant for political news in the Italian region.

Magistris lamented what he called an “unfair” debt levied against the Southern municipality by the central government, and outlined his belief that a new Naples cryptocurrency would be an important step in solidifying autonomy for Naples.

The Case For Southern Enfranchisement

This controversial post is, by large, a small part of a larger political strategy being employed by the leader. The main political prerogative of major leaders within Naples has been to fight for something called Southern enfranchisement, which is the idea that the Southern regions of Italy ought to be increasingly independent and autonomous from the ruling powers within parts of Italy, especially the Rome area.

According to these political figures, the argument regarding the place of the Southern areas of the country in self-determination arose not from the disgruntlement of these regions, but from the oppressive actions taken by central government, which some feel have heavily favored the Northern half of the country while disparaging and discriminating against the lower half.

Cryptocurrency And Economy

As a part of a larger concerted effort to emphasize the independence and enfranchisement of the Southern half of Italy, the mayor has opted to begin a new project to create a cryptocurrency to be used by the government and people of Naples. Naples has been branded in-debt by the central government, a branding which Mayor De Magistris views as ridiculous. He refers to the Euro, which is the currency in which the debt will be due, as “putrid.”

Integrating this new cryptocurrency serves as a de facto protest of the perceived unfairness in the financial and economic practices of the central government. A part of a much larger plan to provide more financial and political autonomy to the Southern parts of Italy, the mayor’s plan is an effective statement of freedom for the South of Italy.

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