The Law of Moore has never been approved in Parliament, not even with the trust, but is fully in force and its effects are everywhere: provides that the power of microprocessors doubles every eighteen months. The progression of technology accelerates in an exponential speed, penetrates into our lives, habits and delete entire industries, but creates new ones capable of explosive growth.
It happened years ago in the music, which has gradually dematerialized until enter the cell, but now it’s going to happen to the money. These days, the Danish government has proposed a measure that maybe in the future will be remembered as the tipping point: in 2016, merchants and businesses will be entitled by law to refuse payment in coins and paper notes or metal. With the exception of doctors, dentists, grocery stores and a few other essential services, it will be required welding with electronically if requested by those cashing. Banks and businesses will save risks and expenses, very large, which now claim to handle and transport the physical money.
It is not entirely new, of course. Already, in Sweden the buses do not accept cash and the spread of digital maps of all kinds, with the thinning of the physical currency in circulation, it causes the robberies of banks have collapsed from 110 in 2008 to 16 in 2011. In Canada the central bank has stopped a year and a half ago to print money, also to encourage card payments. In Kenya a third of the population subscribed to M-Pesa, the system transfers via telephone which pay salaries or bills, recently also exported to Romania. And even in Somaliland, Ethiopia, Somalia and Eritrea, in 2012 the number of payments via mobile phone was equal to that of payments to credit card in Italy in 2013: in both cases, 34 per resident.
But there is always a time when everything speeds up the quality and technological changes. In music the Sony set it in the compact disk in young readers which you could run in the park, but a few years after Apple’s Steve Jobs destroyed that model with the iPod: the content is not only becoming smaller, but smaterializzava and carried with it new ways of listening, produce and sell a song.
With the money is going the same, and the only certainty is that we have only seen the beginning. In Italy, in fact, just that. With Greece, this is the country in which electronic transactions represent the smallest share in Europe: only 13% of the total, against an average of 40%. Meanwhile, however, there is an Italian who is already driving what it looks to be the next technological revolution in money immaterial, as well as innovation in MP3 digital players took the place of those of compact disk.
For now
electronic money has always been ‘scriptural’ means a payment by debit in pizzeria corresponds to a change in the accounting records of two accounts, of who pays and who is paid. In this case each transaction implies a shift from the banking system. Roberto Giori, a Swiss-Italian entrepreneur heir to a dynasty of large manufacturers of machines for the printing of banknotes, has developed an algorithm to bring the dematerialization of money a step further: not with transfer between two bank accounts, as happens Visa, M-Pesa, Pay Pal or the ATM network, but with the digitization of money “trust.” In the draft Giori, now being launched, become immaterial the banknotes issued by the central bank.
The configuration engineer knows this world all along: the De la Rue Giori, the group of presses of paper money that he has managed until 2001, it controlled until a few years ago 90% of the total turnover of the printing press money. We have used the Federal Reserve for dollars, Italy, France, Japan and hundreds of countries in each income level. For some years, however, Giori sold the company and has developed a new model of emission of digital currency by central banks. Each note is numbered and traceable, and the enormous costs of production and material distribution of money (100 billion per year worldwide) are cleared. Just a cell phone number, and it becomes possible to move with the finger gesture on the touchscreen banknotes minimized to the recipient. There is no passage between bank accounts, it is simply a payment in currency immaterial.
The Uruguay is experiencing the “Giori Digital Money” and intends to introduce it in circulation in the fall. Ecuador and Bangladesh have made it legal to issue electronic bills, in the Philippines the project is under consideration. They are ahead of Denmark. Perhaps because those who come after, jumps directly to the next stage: maybe in the future it will happen to Italy.
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