Naples Mayor To Launch Municipal Cryptocurrency

The creation of a city cryptocurrency is part of a three-point plan for the restoration of Naples’ greatness.

The Italian city of Naples will launch a municipal cryptocurrency to reinforce the city’s autonomy, said the city mayor Luigi de Magistris.

In a lengthy manifesto published earlier this week on his Facebook page, de Magistris announced a three-point action plan to turn Naples into a “global capital, instead of a capital of the Mezzogiorno (the Italian South)” and to achieve greater political and fiscal autonomy from the central government. Creating a special cryptocurrency is the third point in the plan, but no further details are provided, except that it would most likely become instrumental to Naples achieving political and economic independence.

It does not become clear what the cryptocurrency will be used for, how its value will be calculated, what will back it, or how it will be made available to users.

Instead, de Magistris embarks on a long-winded rant against the central government, accusing it of working in favor of the North and deepening the (traditional) divide between the North and the South of Italy and lamenting the past glory of Naples.

Along with the creation of the Naples cryptocurrency de Magistris declared a fight for the autonomy of Naples and the cancellation of the city debt, which the mayor describes as “unfair”. So, de Magistris says, the city will simply “delete from the budget” parts of the debt relating to post-earthquake expenses and waste management, for example. “Those debts have not been contracted by the city and by the neapolitans, in fact we are victims and we would be compensated, other than paying debt to the usurpers,” de Magistris declared. It is worth noting that Naples has become notorious with its continuous waste management problems spanning decades.

Intriguing as it may sound, the manifesto of the Naples mayor does not appear to have sparked lots of enthusiasm among the local residents, who had posted wary and critical comments below the post. “While the mayor spews gobbledygook on autonomy, the city is sinking in degradation,” writes one of the commentators.

Either way, it is worth noting that earlier this year the city of Naples set up a working group to explore and implement the blockchain technology.