Using the pound without a formal currency union would drive an independent The SNP insists Scots will not lose the currency if they vote Yes in September's referendum.
But First Minister
Currencies Direct says continuing to use a currency without a formal union, as is the case with
It would leave an independent
But the best alternative - an independent
The First Minister is "caught between a rock and a hard place" on the issue, it adds.
The company, which helps small businesses involved in export or import with currency conversion, urged the SNP leader to set out his preferred roadmap on a currency, to ease market uncertainties.
Earlier this month, all three major parties at Westminster ruled out a currency union between an independent
The SNP insist that this stance is a bluff and say they will continue to argue for a sterling zone.
"But it will impose enormous short-term costs and logistical challenges, which would be circumvented by joining either sterling or the euro.
"As the former appears to be increasingly unlikely and the latter is unpopular with voters,
Currencies Direct believes there are two routes open to an independent
But setting up its own currency would involve an "arduous" set of hurdles, including the creation of a new central bank, regulator and payments system, which it warns could potentially take years of planning to get right.
The company also says that an independent
This would be necessary to create market confidence, it warns.
The new government of an independent
Last night a spokesman for Better Together said: "The nationalists are in utter chaos over currency.
A Yes Scotland spokesman said: "People in
Using the pound without a formal currency union would drive an independent
The SNP insists Scots will not lose the currency if they vote Yes in September's referendum.