During the Code4Future convention, the primary occasion in Italy devoted to the idea of open innovation held on the Talent Garden in Rome, the previous Minister of Economy and Finance Giulio Tremonti - presently president of Aspen Institute Italia - expressed his ideas concerning the way forward for digital cash in on hand and the arrival of cryptocurrencies.
On Nov. 8, the primary day of the Code4Future occasion, Tremonti took half in a spherical desk dialogue, throughout which he mentioned the alternatives supplied by the fintech sphere have been fixing each enterprise logic and the position of conventional Banks:
"Banks may be caught off-guard by fintech activities. An alliance between traditional Banks and new digital industries is essential. A structure that incorporates new techniques but maintains old values."
Issues close the extent of opinion that customers should place inside the conventional banking system, which has been in decline for a number of years, was additionally addressed:
"How can we recover this trust? The idea is to integrate the new with the old in order to write a different story than that of the Banks. The idea of trust in central bodies has been present in our reality for a very long time. Just think of what is written on the notes of the Weimar Republic, as reported by Goethe: 'trust me, believe in me.'"
The former Minister then expressed his opinion concerning Facebook's Libra task and the connection between previous and new currencies. In his opinion, Libra will endlessly change the foundations of the sport additionally to the way in which customers take into consideration and use cash:
"There will be a transition from old coins to new coins. I believe this to be the case, but I can't tell you when. I think your children will see a world in which currency will be created differently."
For the primary time, we're discussing a forex that doesn't au fon must be dealt out by a state, and that is taking place as a result of folk have slowly begun to promote parts of their reign:
"In the near future, citizens will sell portions of their reign to top players like Facebook. Because if it is an over-the-top system, we believe that by providing a portion of our identity, we are doing the right thing, because they offer something in return. And so what they have becomes true, and what you have becomes false."
Tremonti additionally commented on the information of the forthcoming launch of a nationwide cryptocurrency by China:
"The world is cacophonic between the democracy of the United States and the digital despotism of China. The Chinese system is all about absolute control. I believe this is a control technique, not a commercial enterprise technique."
Cointelegraph last requested what his opinion was on localised cryptocurrencies like Bitcoin:
"It's the future and you cannot stop it. Having said that, Bitcoin does not have a clear legal status, and this is clearly an obstacle. According to accounting rules, it's an plus you should put on your commercial enterprise statements. But if it's an plus that you should put on your commercial enterprise statements, should VAT be applied when it is sold? It is still an area of ?great uncertainty."
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