How a EuroSystem country can pay off the national debt with the euro on blockchain

How a EuroSystem country can pay off the national debt by adopting the euro on blockchain

By M.S., Oct. 6, 2021

To pay off the national debt, a Eurosystem country, for example Italy, can adopt the euro on blockchain and pay off the national debt in six months. Let's see the necessary steps:

1) You create the euro on blockchain (e.g., Euro-ITA) and entrust the Treasury with enough to convert all the euros already circulating in the country (bank deposits, bills, pennies);

2) A conversion period is established within which all euros must be exchanged for euros on the blockchain, e.g. six months;

3) A counter is created at the Treasury for the exchange of physical euros and a single Treasury account is created where all bank euros can be transferred;

4) Banks and individuals begin remitting traditional euros to the Treasury in order to obtain euros on blockchain by the conversion maturity date (e.g. 6 months);

5) The Treasury exchanges the traditional euros immediately by depositing the euros on blockchain in the wallets of the exchanging parties (the wallet is already on rapidobank.com);

6) At the end of the conversion period, the Treasury will have enough traditional Euros to pay off the national debt (which will be out of date in the country). The public will have the brand new Euro-ITA on blockchain that can be transferred with fees of one cent, with immediate exchanges and crediting in one second;

7) The Treasury will pay off the national debt and the country will recover from the economic crisis. Its euro on blockchain will likely be adopted by other countries that will follow suit.

Note: A variant could leave physical euros in circulation and only replace all bank euros.