The Italian government is mulling the decision to issue a “parallel currency” in a move that could plunge the eurozone into crisis – and provide the best case yet for mass bitcoin adoption.
In the same week, the Italian deputy prime minister proposed a tax grab on cash and valuables stored in safety deposit boxes.
These crisis policies expose deep cracks in the fiat monetary system. The move prompted money historian Rebecca L. Spang to call for a new foundation of money.
The proposed currency bills, known as mini-BOTs, are basically treasury bonds (buono ordinario del tesoro). But in a twist of economic rules, they’d be issued and accepted as a form of payment by the Italian government, circulating alongside the euro.