Italy parallel currency

[Portorico952]

It is happening right now! Italian state bonds dropped in value at the same time Bitcoin surged back to 7500!

[SUDARMONO]

That would be great if it had to happen, and that would make the cryptocurrency value better for the future.

[victoryana]

There is new populistic Government in Italy.
Itay is going to dump Euro and it will cause huge turmoil in Europe. New parallel currency will be in circulation and Euro accounts might be closed for owners. That will cause surge in Bitcoin prices like in the case of Cypres in 2013.

This news could really blow up the Euro, does this mean Italy is in serious trouble?

The idea of a dual currency system has been put forward by the three parties to take advantage of the eurozone's increasingly widespread sentiment across the country, as well as a tool to keep Rome afloat. Many argue against each other

[BoyleWilder]

That will be a government backed decision and they will not accept
a crypto alternative.

[megamanexe002]

There is new populistic Government in Italy.
Itay is going to dump Euro and it will cause huge turmoil in Europe. New parallel currency will be in circulation and Euro accounts might be closed for owners. That will cause surge in Bitcoin prices like in the case of Cypres in 2013.

Parallel currency- eg. Italy are currencies isued by the state.as an official second currency alongside legal tender currency and can also be designated as legal tender. It can be stable,hard currency that is used alongside weak national currency. On the other hand a weak national currency can be used as a parallel currency in order to stimulate the national economy and to make export economy compititive again

[mitakatu]

It will help boost bitcoin and grow steadily for a long time to come

[no0dlepunk]

Well, so far BITCOIN is the easiest way out for these Italians, rather than buying an alternative currency. If this is true, then pump up the volume!

[Kemarit]

Well, so far BITCOIN is the easiest way out for these Italians, rather than buying an alternative currency. If this is true, then pump up the volume!

Its not easy as it seems (https://money.usnews.com/investing/news/articles/2018-06-27/italys-new-government-is-no-threat-to-euro-eurosceptic-senator-says)

ROME (Reuters) - Italy's new government will do nothing to undermine the euro and investors have no reason to fear its agenda, a prominent eurosceptic senator from the right-wing League party said.

So for now we can speculate that maybe as early as today, Italian will look for other alternatives just in case something worst happen although the government is assuring that they are not abandoning EURO. However, if I lived right there, I will put some of my money in crypto just like a hedge, just to be sure.

[zoomzoom]

This is fascinating really, though I'm not entirely sure how it will effect crypto, we will have to wait for full details of the new currency. This may also have quite a crippling effect on the euro in general, one of the reason many northern european countries decided not to adopt it. Any links to this news item? Would be interested to learn more.

[jaysabi]

Well, so far BITCOIN is the easiest way out for these Italians, rather than buying an alternative currency. If this is true, then pump up the volume!

Its not easy as it seems (https://money.usnews.com/investing/news/articles/2018-06-27/italys-new-government-is-no-threat-to-euro-eurosceptic-senator-says)

ROME (Reuters) - Italy's new government will do nothing to undermine the euro and investors have no reason to fear its agenda, a prominent eurosceptic senator from the right-wing League party said.

So for now we can speculate that maybe as early as today, Italian will look for other alternatives just in case something worst happen although the government is assuring that they are not abandoning EURO. However, if I lived right there, I will put some of my money in crypto just like a hedge, just to be sure.

I'm not sure doing this would decrease your risk of loss. Bitcoin is far more volatile than the euro and if a country like Italy crashed out of the EU or instituted its own currency, Bitcoin would likely still be more volatile than the euro. If you wanted to temporarily protect your currency, you would probably want to exchange it to the US dollar because it would absolutely hold its value better than Bitcoin over a couple weeks or months if the euro was experiencing Italy-based fluctuations. Bitcoin could be ok, but when there's economic uncertainty, could be isn't good enough. You want actual safety.

[Andrew S]

Yes, they hardly refuse the currency at all and will be replaced by a crypto currency.

[Lancusters]

There is new populistic Government in Italy.
Itay is going to dump Euro and it will cause huge turmoil in Europe. New parallel currency will be in circulation and Euro accounts might be closed for owners. That will cause surge in Bitcoin prices like in the case of Cypres in 2013.

I don't think that's ever going to happen. Italy dances to the tune of Berlusconi. He, in turn, a friend of Putin. All of them are interested in the collapse of the EU. Therefore, create and pay for such fakes. The mafia wants to take Italy again. If idiots vote for populists, so be it. They'll be the first to die. It's natural selection. A parallel currency is pure politics and no Economics.

[BartS]

This news could really blow up the Euro, does this mean Italy is in serious trouble?

The European Union is the one that is in trouble they wanted to create an economic union and they thought they could force political integration and like always they made the mistake that they could force people to do whatever they wanted, now they are realizing that an economic union only comes from a political union similar to what happened to the US, so the Union and the Euro are going to fail because they are nothing but an experiment that was never going to work.