Countries around the world are adopting cryptocurrencies in order to escape the traditional methods of financial repression or to subvert dominance of their own governments. Adaptation of cryptocurrency is a potential solution to deadly economic realities and massive inflation under corrupt governments. Italy’s Jurisdiction Naples is also planning to launch their own autonomous municipal cryptocurrency to save the city from unfair debt and anti-southern discrimination.
In a Facebook post, Naples’ mayor, Luigi de Magistris said that the city is progressing towards creating an autonomous municipal cryptocurrency. Magistris argued for the new cryptocurrency in a threefold plan of action which would reclaim fiscal and political autonomy for the jurisdiction. Magistris believe that the autonomous cryptocurrency of Naples would play an important role in solidifying the autonomy of Naples.
The controversial post by the mayor is a part of the political strategy which is being employed by the leader. The political leaders of Naples have to fight with Southern enfranchisement. The southern region of Italy especially Rome is independent and autonomous from the ruling powers within Italy. Some feel the actions of central government are heavily favored in the Northern region of the country while the Southern region of the country discriminated and disparaged. According to the mayor, the central government is working towards the North’s advantage. The government is offering most of the resources to Northern region so the mayor is planning to launch a historic challenge which is never thought nor implemented so far.
Magistris also made a strong statement to the creditors of the city that Naples does not recognize its debt which is due in putrid currency. He also said, in fact, we are the victims and should be compensated rather than paying the debt.
The main aim of launching the cryptocurrency is to enfranchize southern region and bolsters self- determination. Though the mayor has not posted the detailed outline the plan of launching autonomous cryptocurrency is going to boost the local blockchain activities. On the official page of the city, the details of the Municipal Administration’s workgroup for cryptocurrency and blockchain technology are already published.