09:51 29 April 2013
In the quest for independence, Scotland has decided to keep the pound as its form of currency. There are those who disagree, and those who agree with the decision. There are some practical reasons the pound may be a desired form of currency for Scotland, even in the event of independence.
It’s obvious that many of these factors have been taken into consideration when making the decision to keep the same monetary unit. If the units changed, there could be costs when it comes to having exchange money etc.
Banks would need to be prepared to offer exchanges, there would need to be agreement on a different form of tender if the pound was to be rejected. Not only may businesses be affected, but the everyday person would also.
Credit cards, loans, groceries, and utilities would all be in different tenders and travelling would require money exchanges.
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