Published
4 years ago on
June 17, 2019
The Italian government is currently making a decision to issue a ‘parallel currency’. This is in a move that could see the eurozone crash into a crisis. For Bitcoin, this could see mainstream adoption.
On top of this, the Italian deputy minister proposed a tax grab on cash and valuables stored in safety deposit boxes.
These crisis policies show some pretty intense holes in the fiat monetary system. A move which pushed Rebecca L. Spang (currency historian) to call for a new foundation of money.
“The time has come for a new, more equitable, version of money.”
Whereas cryptocurrency wasn't specifically mentioned by the historian, the crisis in Italy does build up a big argument for Bitcoin and the gang.
You see Spang’s tweet below. Sounds like Bitcoin would be the perfect solution, no?
So we need a new, more equitable model for money and money production. But that money should be indefinitely politicized is, I think, truly an awful thing to contemplate. FINIS
— Rebecca L. Spang (@RebeccaSpang) June 12, 2019
As reported by CCN:
“The proposed currency bills, known as mini-BOTs, are basically treasury bonds (buono ordinario del tesoro). But in a twist of economic rules, they’d be issued and accepted as a form of payment by the Italian government, circulating alongside the euro.
Mini-BOTs were initially conceived to pay back Italy’s insurmountable debt mountain (yes, paying debt with more debt). But the government would also accept the mini-BOTs back as payment for taxes, train tickets, and gasoline.”
Many sceptics of the Euro could adopt the new currency as an act of rebellion against the fiat currency
Spang says:
“If #MiniBots are introduced, they will be circulate[d] as a quasi-currency in parallel w euros. The anti-EU League Party is making vague #MMT anti #Austerity noises, but DO NOT BE FOOLED. A "parallel" voluntary money will not be good for ordinary people 3/x”
Whereas Bitcoin itself might not be the answer to Italy’s issues, cryptocurrency would be the best solution.
Investment Disclaimer
