Brian Rose, a candidate for London mayor, has pledged to distribute £100 worth of a new cryptocurrency named LONDON to each resident of the city if elected. This move aligns with his vision of transforming London into a crypto-friendly hub.

The cryptocurrency would serve various purposes, such as paying for public transportation, parking fees, and council charges. Rose intends for this initiative to modernize the banking sector and inject additional funds into London's economy, positioning the city as a global leader in embracing cryptocurrency.

He plans to finance the LONDON token through a 1% tax on profits generated by the city's major banks, creating a £1 billion liquidity pool. Rose believes this tax reflects public discontent with the financial sector's behavior following the 2008 financial crisis.

Additionally, he hopes the distribution of the LONDON token will increase awareness and understanding of cryptocurrency among Londoners, promoting financial literacy throughout the city. Furthermore, Rose anticipates that this initiative will inspire future leaders to invest in financial education and position London as a hub for innovative technologies like cryptocurrency, blockchain, and Web3. While reminiscent of similar initiatives in New York City and Miami, which issued tokens named MiamiCoin and NYCCoin, respectively, Rose's plan distinguishes itself by aiming to address the challenges faced by these predecessors.