Citizens Burn Banks, Print Their Own Money as Fiat Founders

[Cordillerabit]

As conventional currencies struggle to cope with the coronavirus pandemic, citizens around the world are railing against traditional finance, and looking for new alternatives to cash.

In Europe, an Italian town has taken to minting its own currency in a bid to save the local economy.

Euronews reports that a town named Castellino del Biferno, in Southern Italy, has invested around USD 6,000 of central government handouts and the town council’s own savings into a local currency solution that includes printing watermarked “banknotes” for a new

currency called the Ducati.

The council says the currency is pegged 1:1 with the euro, and is being produced at the town’s local printing shop. The council then issues the printouts to households in the town, with the needy receiving the largest number of Ducati notes.

The report states that the town’s mayor is the mastermind behind the Ducati, and had studied money minting “for 12 years.”

The mayor states that the move will “make sure the local economy can withstand the impact” of the coronavirus pandemic’s devastating effect on the town’s businesses.”

Bars, pubs and “three or four businesses” are currently still open in Castellino del Biferno.

Source: https://cryptonews.com/news/citizens-burn-banks-print-their-own-money-as-fiat-founders-6439.htm

[TomPluz]

I am excited to know any updates on this development. However, I am 80% sure that this experiment may not be working long-term, eventually this will fail. They should have considered instead to issue tokens or coins backed by the town government.

[MrSpasybo]

I do not believe much in the future of this Ducati currency, because it cannot replace the EUR for a long time, and the city is difficult to control the inflation problem of the Ducati currency. After COVID-19, I don't know how they will swap Ducati with EUR, and whether Europe will accept it or not.