ROMA (ITALPRESS) – The current market is “a period of quiet. We can call it that because the open problems are many. Like the new structure of world duties, the least cooperation between States and wars; So we cannot say that the situation has improved, it has only stabilized. So it’s fine because it means that the current rulers sent a message of serenity to them in the financial system. And as the financial system is represented by the savings of all families, even families draw a sigh of relief. So this is the point. This does not mean that there are no problems.” So the president of the Consob Paolo Savona, interviewed by the director of Milano Finanza Roberto Sommella. Savona analyzes the theme of cryptocurrencies and stablecoin. “The United States has begun to create the legal premise to say “You ask me the dollars, I give you the cryptocurrency, which among other things you bought, because you wanted it and therefore you assumed the responsibility to give value to the private currency”. On the other hand there is the rest of the world, which is reacting. China has already said, “I do everything, I prohibit the use and creation of these cryptomonetes.” Europe is at an intermediate stage between these two powers – he explains. So today there is not so much the immediate risk of a failure, because the Trump administration has created a wall for those who use these five main coins, so one feels guaranteed and is continuing to invest in this sector. The European government legitimised the use of a particular crypt called stablecoin.”.
According to the president of CONSOB, for Europe “the problem does not come from its stablecoins but from those of others. And this in the last Financial Stability Board, which is the international institution dealing with these issues, has been stressed: the risk for the euro area comes from the outside.” On what can be done “I leave the answer to the authorities – continues Savona -. I don’t have an answer, because it doesn’t have to come from me. Of course, I would think that we are all more or less responsible for the protection of savings and investment money that end up in productive activities. But we must face the problem. And the problem we want to face, but not enough, with the creation of the digital euro, which should replace all cryptocurrencies.” “At this stage the features of the digital euro are not those of the features of cryptocurrencies in circulation – he adds. And so I, just through Milan Finance I wrote: it is an important step, let’s do it! So we all educate ourselves to go through electronic systems to manage the payment system, but we have to find a way to set up an electronic euro, no longer just digital, supported by a security tool that gives you the guarantee, stability. If you create the digital euro with a safe asset that gives stability, you are creating a very powerful and competitive tool. Although in the four coins we talk about besides bitcoin, which legitimized Trump, there are special services to defend.”.
“According to what I have described” the state “would or increase debt, and then we would enter a vicious circle, or increase taxes – explains Savona again. Without defence instruments, the new currency war will affect society, not physical structures. So financial education also serves to understand that globalization has gone from the territory to the ether, to the sky, and therefore we must organize to live all over it. It will be hard, it will be difficult, but nothing can be done because a country has left (the U.S., ndr), while the other one has protected and is very prepared because the real danger is that on quantum computers Chinese arrive first. Then they’ll be able to get all the information in the world, including the financial ones. So the real confrontation between the United States and China – and I think Trump understood it – is precisely this: getting first into the technologies that allow through the ether to know everything that happens in the world.” “This is what might happen: a crisis that comes from the outside of the Eurosystem and at the end of history you cannot say “I have nothing to do with it.” The ECB must be concerned with monetary stability, because it is the mandate given by the parliaments from which its independence derives. But we are facing this risk.”.
– photo IPA Agency –
(ITALPRESS).
