The decision on Scottish independence is a decision for the people of Scotland. When making that decision it should be clear which currency an independent Scotland would use. If the people of Scotland vote for an independent Scotland with its own currency, that democratic mandate should be respected.
The introduction of a new currency is a technical operation. The steps are known, well documented and since 1990 most European countries have changed their currency. German, French and Italian banks all converted their banking systems to the Euro within a three-year period. So it is not unrealistic to predict that technically it would take Scotland around three years to install a banking IT system (as required by the Central Bank of Scotland) and introduce a new physical currency.
The financial markets hate uncertainty (as has been clearly demonstrated by the Brexit saga). For Scotland to thrive, Scottish businesses need the clarity that comes from a firm decision on the introduction of a new Scottish currency and an indicative timeline for its introduction. This will allow businesses to make their own plans and allow them to make a success of the opportunities that come with Scottish independence. The unknown factors are around the political decisions and how long any independence negotiations would take.
The decision on Scottish independence is a decision for the people of Scotland and when making that decision it should be made clear which currency an independent Scotland would use. If the people of Scotland vote for an independent Scotland with its own currency, then that democratic mandate should be respected. The Covid-19 pandemic and its economic impact has highlighted the risks associated with the continued use of Sterling by an independent Scotland. But for the people of Scotland to make an informed decision on whether to keep Sterling or opt for a new Scottish currency come independence they need clear information from the people who are advocating the introduction of a Scottish currency. This document is not the final word on the currency debate, but it should provide some clarity on how Scotland could transition from Sterling to a new Scottish currency, how long it would take and the benefits of doing so
Scottish Independence Convention (SIC) Transition Paper No. 6 Currency