Bank Of Italy Warns Citizens Against "Creating Your Own Currency"

Authored by Louis Cammarosano via Smaulgld.com,

Citizens Claim Right to Create Scriptural Euros.

Citizens conjure Euros out of thin air, just like banks.

Create Your Own Currency!

Because the top cryptocurrencies, Bitcoin and Ethereum are open source, any one can create their own cryptocurrencies.

While the proliferation of cryptocurrencies has central banks concerened, another more insidious and perhaps greater threat to central banks’ monopoly on money creation is the issuance of scriptural euros by citizens.

What are Scriptural Euros?

Scriptural Euros are Euros issued by citizens under a “theory of the autonomous creation of scriptural currency” based on the idea of collective property of money that affirms the right of every citizen to autonomously create “scriptural” money (Euros) via their own accounting records. The theory of autonomous creation of scriptural currency holds that just as banks can conjure debt based money out of thin air, so can citizens.

Money thus created by citizens can then be used to extinguish their own debts.

Apparently, citizen-created euros have been accepted as payment. @marcosabait (Marco Saba) shared his experience on twitter whereby his scriptural Euros were accepted by Facebook as payment for advertising. This correspondence between @marcosabait and Facebook shows how @marcosabait created 25 Euros as payment to Facebook and Facebook accepted the citizen issued Euros as payment.

In the correspondence, @marcosabait informs Facebook Italy (in English) that banks AND citizens can create new Euro in electronic form and that he had just done so in the amount of 25 Euros and was submitting it as payment. He also referred Facebook to his Facebook page for more information on citizen created scriptural Euros.

Facebook responded in Italian by accepting @marcosabait payment of his self-created scriptural Euro, while noting his payment was being accepted this time, but such payments may not be honored in the future.

According to @marcosabait, Italian citizens have created more than 1 billion scriptural Euros since October 2016.

Internet Urban Legend?

Citizens conjuring money out of thin air and having that money accepted as payment all seems like internet urban legend. Perhaps, in the example above, the Facebook employee didn’t want to argue over 25 Euro and was just humoring @marcosabait. Or maybe, the correspondence itself was spurious. Certainly, the claim that more than 1 billion scriptural Euro have been created seems far fetched and that any large sum of scriptural Euros being accepted as payment seemed even further afield.

However...

The Bank of Italy Responds

Despite what might appear to be a ludicrous ploy to convince citizens they have the right to create their own Euros, the Bank of Italy is taking scriptual Euros seriously. Last month, the Bank of Italy issued a warning about the creation of scriptual Euros. Attached to the warning was a PDF that explained the Bank of Italy’s position on scriptual Euros.

The position paper is entitled “Scriptural Money Created by Citizens”. The paper notes that its purpose is to avoid “dangerous misunderstandings” involving scriptural Euros. The paper claims that only the Bank of Italy can issue the form of legal currency based on international and national legislation and that it is necessary for the Bank of Italy to have this power in order to guarantee overall confidence in currency and the stability of its value over time. The paper further notes that payment services through scriptwriting is an activity allowed by law only to authorized persons, such as banks, electronic money institutions and other payment institutions.

The paper concludes that “initiatives for the creation of a autonomous scriptural currency have no legal basis” and calls on citizens not to use such forms of currency.

The scriptural Euro issue may have more people asking questions about the creation of money out of thin air – if banks can do it, why can’t we?

Comments

HungryPorkChop Mr 9x19 Tue, 07/18/2017 - 10:01 Permalink

The Bankz of Albania has spoken.  They know worthless currency about as good as anyonez out there:“The Bank of Albania has not licensed any financial entity whose activity includes also virtual currencies. Consequently, the companies involved in this activity in the Republic of Albania are not licensed, and therefore their activity is not subject to the regulatory and supervisory framework of the Bank of Albania.”

In reply to by Mr 9x19

Vilfredo Pareto I_rikey_lice Tue, 07/18/2017 - 04:49 Permalink

The more private currencies are created the more people learn about the theory of money.  The more they know about the theory of money the more likely they are to recognize fiat as just another type of promissary note and due the same amount of respect as any other. I.E.  know your counterparty. I created an acoustic promissary note that was accepted Sunday which I extinguished yesterday.   It was accepted.   It could have even circulated "hey pay Joe instead"

In reply to by I_rikey_lice

doctor10 I_rikey_lice Tue, 07/18/2017 - 06:29 Permalink

Any community-geographic, professional, athletic etc could create their own currency and strive to establish value relative to others.

Nothing an iPhone app couldn't handle at a checkout counter or while doing an on-line purchase.

The savings would be profound-cutting out the institutional/political middlemen at his point is over a 50% savings

In reply to by I_rikey_lice

Marcecamb Tue, 07/18/2017 - 01:32 Permalink

It is actually a good idea. I am all for taking responsability of my finances, specially if that means leaving the banks to rot away with their criminal activities.

HRClinton Tue, 07/18/2017 - 01:40 Permalink

It is a FUNDAMENTAL HUMAN RIGHT to conduct commerce and for the Parties of their commerce to agree on Price and Currency (Medium of Exchange).No matter WHO issues the Currency, it is always based on FAITH.If people choose to place or even misplace their faith in a currency other than the official State Currency, then that us their Natural Right that requires no permission from the State.The only Caveat to non-State currency, is that it will not have standing in the State's courts, for litigating debt.Americans and especially libertarians, can and should use any Medium of Exchange for engaging in lawful commerce. E.g. Cash in any state currency, barter, PM, crypto or 'Letters of Promise'. In any combination and timeline. 

navy62802 Tue, 07/18/2017 - 01:35 Permalink

A hallmark of an illegitimate government is that it creates inane, unenforceable laws. This warning from the Bank of Italy is symptomatic of an illegitimate government. Italy cannot enforce this law, as it is a natural law that humans will find a medium of trade. A wide array of things can serve this purpose. Perhaps it is the volume of shits I take each day. Perhaps it is the weight of silver I carry in my bag. Unless government thugs find and strip-search me every thirty minutes (they will never have the resources to do this), they'll never be able to stop me or anyone else from creating and using a currency. And even then, if I'm using the volume of shits I take, they won't be able to stop me. Fuck these fascists.

Silver Savior Tue, 07/18/2017 - 01:35 Permalink

Facebook is goofy. lol. I believe in crypto but the line has to be drawn somewhere......Oh fuck it if the banks can print people should.....not print but conjur up. May I present to you turd coin upon demand!

joego1 Tue, 07/18/2017 - 01:48 Permalink

It's just a contract between two parties and so none of the banks fucking biz. If facebook wants to take pet rocks for payment so be it.

Knave Dave Tue, 07/18/2017 - 01:59 Permalink

I believe this used to be called "counterfeiting" until apparently yesterday. The Bank of Italy is actually ASKING people not to do this. Whatever happened to the good ol' arresting people who counterfeit money.Citizens certainly have their own freedom to create their own money; they do not have the freedom to create someone else's money any more than they have the freedom to print someone else's book and sell it on Amazon as their own.Is Europe really this insane now that they are trying to reason with people to ASK that they don't counterfeit euros? Yeah, that'll work. Maybe they can ask that the mafia doesn't print any of its own euros either.

css1971 jsgibson Tue, 07/18/2017 - 05:31 Permalink

No, you can use it. It's permissable. Nobody is stopping you from making an exchange with another individual. It's a fundamental human right to trade one thing for another. You can go ahead and offer it in exchange for anything someome is wlling to sell. They don't have to accept it though. WTF do you think CREDIT CARDS are? Are they dollars? No, they're bits of plastic. They just give access to books of accounts. The books of accounts are not dollars either.

In reply to by jsgibson

AlbertthePudding Tue, 07/18/2017 - 02:37 Permalink

BIS and Goldman sachs threatening the natives again..go do it! They are about to pull the rug out from under you anyway and this will throw a monkey wrench in those plans.

are we there yet Tue, 07/18/2017 - 03:10 Permalink

Every time a personal check is written it increases the money supply until it is cashed. All public currency is debt. There are many forms of debt-money, including checks, promissory notes, I.o.u.'s, to name a few.

rbianco3 Tue, 07/18/2017 - 03:36 Permalink

The Fed might like Crypto currencies.Especially if they controlled the game, they could mop up excess disposable income, use that to buy physical metals and then crash the game blaming Russia for robbing the world of their crypto-coins. How else would they get us to back war against Russia?

Hammer of Light rbianco3 Tue, 07/18/2017 - 06:57 Permalink

Bitcoin was created by NSA - there are NO coincidences.If any - ANY one of you in the audience thinks for a tenth of a second that crypto's are already NOT state actors... you're the KING of RUBES! Crypto's are another mechanism of fleecing from the market of capital and speculation flight.http://groups.csail.mit.edu/mac/classes/6.805/articles/money/nsamint/ns…... if you're in these, YOU ARE SHOWING .GOV DEEEEEEEP FED what you got. Not only that, crypto's are nothing more than a highly speculative confidence game.I'm confident ANY of you put your hard earned FIAT into these crypto's, you're now data-based directly into the FED and the IRS.They're building out the entire facial recognition system to make it impossible for you to escape with your resources, your anonymity, your very soul.War is coming, in the US as well as other global governments who are enforcing this slavery and they will not succeed. They don't want you to have guns so they can murder with impunity. You're just puckin proles who are easily managed through interest rates of a criminal regime.We are all headed for a pre-planned subjugation that much is clear.This veteran knows the true enemy of humanity when I see it. If any of you are left who have the resources to leave the US, you should do so before the US Gov and deep state pull the next event that will LOCK YOU IN. They know for a material fact this jig is up in the direct near term. The ILLEGAL Federal Reserve and the absapuckinlutely ILLEGAL IRS are going to strip everyone and anyone they can asset harvest from.They mean to rob you blind and or kill you off in massive numbers in order to preserve their sham and failed system.Crypto's... are state actors. PERIODRemember, in WW2... EVERYTHING HITLER DID WAS CONSIDERED LEGAL.The US have created laws and authorities which far outstrip any rights you have left to seize your life's work, assets on a WHIM under the most specious of circumstances with ZERO CHARGES BEING BROUGHT TO PROVE ANYTHING OTHER THAN YOU HAVING TO PROVE YOUR INNOCENCE which is impossible.You - are like the lamb fighting with two wolves over what's for dinner?My hunch is that they are going to mass murder and loot countless lives.We are a nation NO LONGER run OF - BY and FOR the PEOPLE. Anyone who thinks that's the case, you're ripe for the harvest, you're already just a figure to these heinous creatures and they are coming for you.P.S. To all of you down voters...bring it on. The more the merrier I say!  However, what if you're the one the powers that be are counting on to take the bait. Enjoy your state actor crypto... I'm sure you won't care they can see everything you do, or have off books!

In reply to by rbianco3

GreatUncle rbianco3 Tue, 07/18/2017 - 07:14 Permalink

Once you do that like-for-like and it happened in the 70's when the US dropped the gold standard "all othe nations became FIAT too".So all nations would then operate crypto currencies making it more conceptually possible for small subgroups to form their own for their own communities.The technology will evolve faster if the FED adopts it than if it doesn't so hastening their demise. 

In reply to by rbianco3

css1971 Tue, 07/18/2017 - 05:22 Permalink

A currency is just a commodity that multiple people agree to accept in return for goods and services. It can be anything. It can and has been everything from gold and silver to packaged mackerel. Our current currencies are just debts. The only thing which is required is that people are willng to accept it in return for their goods and services, and that willingness comes from their belief in it's likely future value in future exchanges. So anyone can create a currency should they wish to. What you can't do is counterfeit other currencies, because that's fraud. (This is exactly what bankers do btw, if there's anyone remaining here who doesn't know what fractional reserve banking is.) People should get into the habit of using alternative currencies. Local governments can and should issue and accept their own local currencies for their own services and taxes. Governments and bankers are delusional if they think they can control free exchange. It's going to happen, "legally" or not. All they are doing is making themselves look like the idiots and control freaks they are.