The Mayor of Naples, Italy, Luigi de Magistris, has announced a three-pronged plan that would make the City of Naples more independent. The first part of the plan is to announce a concrete manifesto via the legislature that would make the city autonomous. The second part of the plan is to cancel unfair debts, particularly from earthquake recovery and waste management. The third part of the plan is to launch an independent currency, likely a cryptocurrency.

Although there is no mention of cryptocurrency in the post announcing this three-pronged plan, in June 2018 the City of Naples under the guidance of the mayor created a special focus group to develop and implement a municipal cryptocurrency. De Magistris thinks cryptocurrency can help create a new economy for Naples and is considering launching the municipal cryptocurrency with an initial coin offering (ICO).

The mayor derided the euro, saying, “We don’t have to pay them with their own putrid currency”, in reference to the tremendous debts imposed on Naples by the Italian government based in Rome. He believes northern Italy is discriminating against Naples and southern Italy in general, and is sucking the resources out of southern Italy. He pledges that large euro debts will be completely deleted from Naples’ budget.

In general, a cryptocurrency has the potential to drastically improve the economy of Naples, since if it’s designed correctly it will address inflation. Right now, Naples uses the euro, which has 2-3% inflation per year due to money printing. A correctly designed cryptocurrency won’t have money printing and will hold value long term, ending the outflow of money from Naples due to money printing by the European Central Bank. If this experiment is successful perhaps more cities will launch their own cryptocurrency, or simply adopt Bitcoin.

 

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