Italy Aims To Launch A Parallel Crypto, Threat To The Eurozone?

Italy aims to launch a parallel cryptocurrency and the financial analysts think that it could lead the Eurozone into crisis. Why do they think this is going to happen we find out in the latest cryptocurrency news below.

The government of Italy is looking into the decision to issue the ‘’parallel currency’’ that could lead to a mass bitcoin adoption. In the meantime, the Italian deputy prime minister proposed a tax on cash and valuables that are stored in safety deposit boxes. However, the crisis policies show deep cracks in the fiat monetary system and Rebecca L. Spang calls for a new foundation of money:

“The time has come for a new, more equitable, version of money.”

She did not refer to cryptocurrencies directly but the Italian crisis does make a good argument for bitcoin. The proposed currency bills or better known as mini-BOTs are actually treasury bonds (Buono ordiniario del Tesoro).
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However, the economic rules show that they would be issued and accepted as a form of payment by the government of Italy which would circulate alongside the euro. The Mini-BOTs were conceived to pay back the debt of the government. The Euro-skeptics may adopt cryptocurrencies as a new currency just to rebel against the Euro.

The Credit rating agency Moody’s stated:

 “A first step towards the creation of a parallel currency and preparation for Italy’s exit from the eurozone.”

Spang also continued to explain:

 “As a member of the euro, Italy cannot legally issue its own currency. But if the government paid its creditors in mini-BOTs – and if they agreed to take them back again as payment for taxes or train tickets – then total liquidity could increase without expansion of the official money supply.”

The coming altcoin news shows that Italy would flood the market with the new parallel currency and will devaluate the euro, increase the debt and could even spike inflation. The worst-case scenario is for Italy to leave the Eurozone and the euro losses fungibility and credibility as ‘’good money.’’

Despite the arguments, Italy aims to launch the cryptocurrency in the coming months and also plans to impose a tax on safety deposit holdings. The analysis also shows that the financial crisis in Italy has a major impact on the monetary system and even more with the launch of the new crypto.