Mayoral candidate Brian Rose wants to give every person in London £100 worth of a new crypto token under plans revealed on Thursday.

Going under the working title of the LONDON token, Rose’s plan would see a £1 billion liquidity pool created via a one-off tax on the profits made by the city's financial institutions.

According to Rose's campaign team, the plan is to make the new cryptocurrency accepted across London's transport network and usable for paying council bills, parking charges and other expenses.

London coin could be funded by big banks

The campaign team argued that the proposed 1% Tradfi tax on profits from London's large financial institutions for the new token would enable the intervention necessary to accelerate the city's adoption and growth in the cryptocurrency sphere.