Rome was one of the main Italy conferences Code4Future dedicated to open innovation. It was attended by Giulio Tremonti, former Minister of economy and Finance and current President of the Aspen Institute Italia. He shared his thoughts with journalists information resource Cointelegraph about the future of digital payments and cryptocurrency.
So you’re saying that today’s opportunities FINTECH sector are changing as the business logic, and the role of traditional banks?
Sector financial technology may catch banks off guard. Therefore, it is now more important than ever to cooperate with the new digital industries and their representatives. Need a structure that includes new methods, but retains the old values.
What can you say about the level of user confidence in the traditional banking system, which for several years is in decline? Is it possible to restore that trust?
The idea is to integrate the new with the old. This would allow the banks to begin writing my new story. In our reality for a very long time adopted a model of trust the Central authorities. And what should be based this confidence, for some reason, no one cares.
How do you feel about project Libra from Facebook?
Libra can forever change the rules of the game, and how users perceive and use money. We are obviously waiting for the transition from old money to new. I believe it will happen, but can’t say when. I think, your children will live in a world where money is created quite differently.
First we discuss currency, which need not necessarily be distributed by the state. This is because people have begun to sell part of their sovereignty. In the near future, citizens will have to sell part of their sovereignty to the largest players like Facebook.
‘ve heard that China is going to launch its own national digital currency? Is there any sense in this financial instrument?
The world is split between the US and digital despotism of China. The Chinese system is all built around exceptional control. And I’m sure this is another step towards more control, not financial development.
Read on: What will happen if China will start to dominate in the field of digital currencies?
Share your opinion about the decentralized cryptocurrency like Bitcoin?
This is the future, and you will not be able to stop him. However, so far, Bitcoin has no clear legal status, and this creates serious obstacles. According to the accounting rules is an asset that you should reflect in its financial statements. But then it becomes unclear whether it applies to this asset VAT rules when selling? In General, while that’s a lot of uncertainty.
Please also see an interview with John McAfee. It entrepreneur and the author of a controversial prediction on Bitcoin exchange rate in 2020, spoke about the benefits of crypto-currencies on the background of the Fiat, the need to develop intuitive interfaces and their collaboration with startups.
Well, in our cryptodata of hontarov can discuss these statements with other readers. We also invite you to Yandex Zen.
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