In an April 10 statement on X (formerly Twitter), Rose said the new token, which would be created after he assumes office, will be usable for various purposes, including paying for public transport, parking bills, and council charges. He said:

“The new crypto token will offer multiple benefits to our city; it would be an acknowledgement that the banking sector accepts it must move with the times as well as providing a welcome injection of additional money to the capital economy, signalling that London plans to be the world’s first crypto-first city.”

He added that the token would be funded by a 1% tax on profits of the city’s big banks to back a £1 billion liquidity pool. According to him, the tax payment is “a one-off charge that reflects public anger with how the financial sector continues to abuse its power despite being bailed out by taxpayers in the 2008 financial crash.”

Rose concluded:

“My bold plan will help familiarise all Londoners with cryptocurrency, giving them not just a bit more money in their pockets but also more knowledge about how crypto is shaking up the financial world.”

Financial education

Rose also expects the move to provide financial education for everyone in the city. According to him, residents will not only become familiar with crypto but also learn about its potential.

He explained:

“Looking at crypto, blockchain and Web3 opportunities, I think this new initiative will inspire the next generation of leaders to invest in financial education, as well as provide the underpinning for London to become a centre of excellence for these revolutionary technologies.”

Meanwhile, Rose’s plan for a LONDON token sounds similar to an idea already implemented in New York City and Miami. Both cities have pro-crypto mayors who supported tokens issued in their city’s name by CityCoins.

However, these assets—MiamiCoin and NYCCoin—have considerably struggled in their respective cities.