SCOTLAND has a unique chance to lead in finance by embracing new technology, adopting progressive legislation governing it and by becoming independent.

By creating its own currency and freeing itself from the Bank of England, Scotland can shape its financial destiny and become a significant player in the global finance industry.

This opportunity will allow Scotland to transform the financial landscape, improve banking, and reshape the future of finance without the constraints of the current system.

READ MORE: Blueprint aims to transform Scotland over next decade

In the upcoming decentralised finance (DeFi) shift, Scotland can redefine its financial system, address vulnerabilities in the current banking system, and offer better alternatives.

By leveraging blockchain technology, DeFi and taking inspiration from innovative legal proposals, Scotland can foster transparency, competition, and innovation in the financial sector.

To assert its sovereignty, Scotland needs to liberate itself from the control of the Bank of England over its currency.

Establishing a Scottish Central Bank would provide the necessary infrastructure to regulate and manage a sovereign Scottish pound.

With progressive monetary theory, decentralised technology, and forward-thinking legislation, the Scottish Central Bank can use its monetary sovereignty to support economic growth, create jobs, and facilitate social investment. Scotland can learn from African nations that bypassed traditional infrastructure and embraced modern technology.

Similarly, Scotland’s absence of a Scottish Central Bank presents an opportunity to establish a modern central bank based on progressive and best practice legal and regulatory ideas, and state-of-the-art technology.

By doing so, Scotland can become a leader in financial innovation and leave behind fragile legacy systems.

Throughout history, Scots have challenged established norms and systems, driving innovation in various fields.

Scotland has produced visionary thinkers who have shaped history through groundbreaking economic ideas and philosophical perspectives.

By gaining independence from the Bank of England, Scotland can establish its own laws and regulations, determining its competitiveness globally.

Creating a favourable regulatory environment can attract investment, support local businesses, and stimulate job creation, positioning Scotland as an attractive destination for financial institutions and fintech companies.

Ultimately, the fate of independence lies with the Scottish people. Through their democratic rights, they have the power to shape Scotland’s future and seize the opportunities that lie ahead.

As David Hume said: “Reason is, and ought only to be, the slave of the passions.”

Jon Helgi Egilsson is chairman and co-founder of Monerium, as well as the former chairman of the supervisory board of the Icelandic Central Bank.