It was 1999 when, following major international financial crises, the 19 most industrialized countries in the world decided to meet in a forum in order to discuss the world economy and seek solutions aimed at greater stability, both productive and monetary. Since then, every year, finance ministers and central bank governors have given life to what is commonly called the G20.
After the German experience last summer, this year no less than Argentina was chosen as the venue for the round table, its capital, Buenos Aires, a region that has not faced one of the financial crises, more than 10 years ago. more serious than its history. The start date of the G20 is set for November 30, 2018, the topics on the list are many and interesting starting with what we could define one of the themes of the virtual economy of this era: cryptocurrencies.
Bitcoin, blockchain, criptocurrencies, are all grains of the same rosary on which, especially the European Union, wants to see clearly and which event if not the G20 can better lend itself to such a deepening? The international debate on cryptocurrencies is under the eyes of everyone, between those who acclaim and those who reject them, the game of the parties is more alive than ever. The question that everyone asks, from experts in the field to simple “curious”, does more or less: cryptocurrencies are to be considered a resource or a threat? Do they constitute an opportunity or on the contrary a risk?
This was discussed during a recent round table in Brussels attended by the vice-president of the EU Commission to the euro Valdis Dombrovskis who, on this occasion, took the opportunity to reiterate the need to bring the debate to the G20: “Virtual currencies they may be subject to strong speculation, exposing consumers to major risks, including loss of investments. This is why consumer warnings must be clear and frequent “.
The European Union believes in cryptocurrencies and its technology and is firmly convinced of the possible positive effects on industrial and economic sectors, but on the other hand it can not help but also consider the risks deriving from their use: “We have to see how cryptocurrencies are dealt with by current European regulations and assessing the situation. “The European Commission will continue to monitor these markets with other stakeholders at EU and international levels. We are ready to take action based on an assessment of risk and opportunity, and following international discussions we will decide how to proceed with today’s round table “- this is the comment by Vice President Dombrovskis. Speaking of rules therefore, it is not possible not to consider the G20 of Buenos Aires as a unique opportunity to define stakes, regulations and to realize what the world is going to be talking about Bitcoin. To understand the scope of the speech, just think that just last month, during the official presentation of the Observatory and the EU Forum on cryptocurrencies, investments were announced in blockchain projects for 340 million euros in the two year period 2019-2020.
And while talking about the Bitcoin landing at the G20, South America starts to act with its own cryptocurrencies. In fact, in Venezuela, the presale of petro, the first state cryptocurrency, announced last November by President Maduro, has been launched in recent days. The entry into force of the petro is aimed at countering the powerful inflation of the South American state, which came after the sanctions decided by Europe and the United States for the country. The criptomoneta will not replace the bolivar but has been designed for the purchase of goods and services with a view to contrasting the “tyranny of the dollar”. A great novelty of this currency is that it is the first cryptocurrency to be guaranteed, thanks to the large Venezuelan oil reserves, gold, petrol and diamonds.
Giampaolo Lo Conte, a successful trader and businessman who missed the opportunity to attend the G20 round tables in Argentina, spoke on all these important innovations. Lo Conte has always believed in the power of cryptocurrencies, has in fact invested heavily in digital technology and brings its experience in the business world whenever it has occasion. Recently interviewed by a blog dedicated to the world of cryptocurrencies, Giampaolo Lo Conte expressed himself on the potential of virtual coins: “I believe that cryptocurrencies can really become a financial instrument for governments. Just think of the experience that Venezuela is pursuing, a state currently suffering from a deep “hyperinflationary” economic crisis. The data speak of 5 billion collected by the Petro emissions (the cryptocurrency developed by the Government of Venezuela, ed), we do not know if it corresponds to reality or not but if it were, well, we are faced with something to remember. “