Brexit in the US: Californian exit plan will use cryptocurrency to give everyone an income

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The Brexit-inspired plan, called Calexit, is being pushed by campaign group Yes California. The group recently appointed British cryptocurrency expert Alastair Caithness to oversee how crypotcurrency could be used to provide free healthcare and a form of Universal Basic Income for the citizens of an independent California.

Yes California say the government of California has agreed to hold a public petition into Calexit this year, with a possible vote taking place by 2024.

Mr Caithness said of the group’s cryptocurrency plan: “The policy will involve developing a blockchain-backed cryptocurrency, which democratizes ownership of the California Government’s land, resources and assets through tokenization into a usable currency.

“It is the intention for it to be used to finance a level of free healthcare, free education and a form of basic income for all California citizens who have struggled to achieve economic liberty under the current US Federal Government system.”

In the world of cryptocurrency, tokenisation means turning a physical asset, such as land, into a digital one.

Instead of investors buying a piece of land in California directly, it could ‘split’ up into hundreds or thousands of parts, and people could own or trade a coin’s worth of land instead.

These transactions would all be done via a bespoke cryptocurrency designed for the job.

Mr Caithness, a Scottish national now living in San Diego, claims people investing in land and property in this way could raise funds which would then be used to help implement a Universal Basic Income system for Californians.

The money could also go towards developing other community benefits such as free healthcare and free education, Yes California said.

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Yes California president Marcus Ruiz Evans claimed California “is the world’s fifth largest economy and has what it takes to be its own country, and the best people to govern California are the people of California.”

However, it is unclear how much support the Calexit movement has with the people of California.

A 2017 poll from the University of California found Democrats were much more likely to vote for the secession of California from the rest of the US – but still less than half supported the idea.

44 percent of Democrats polled said they would vote for secession, and just 15 percent of Republicans agreed.

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Mr Evans told “We are very interested in cryptocurrency as a form of UBI, because Alastair was right.

“He saw it; people need assistance, especially right now. And the government is struggling to come up with somebody.

“[There’s] more and more people talking about ‘We need UBI, we need financial assistance!’ Caithness said this three months ago, and every day I see it coming up more and more.

“He saw the way the world could go, and he took a stance months ago and every day he’s more and more right.

“I am delighted to have a leader of Alastair’s ingenuity and knowledge lead our policy in cryptocurrency.

“It is also good to have a Scotsman now living in California involved in our project, as the model for a Sovereign California has been developed from the Scottish Independence Referendum.”

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