European Citizens Claim Right to Create Their Own Currency

Authored or posted by | Updated on | Published on July 20, 2017
Share Button

Picture of Euro Currency

Below is an interesting short video about why some European citizens are claiming the right to create their own currency and use it to pay for certain goods and services. As described on Smaulgld.com:

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.

Bank of Italy Warns Against Creating Your Own Currency

Share Button

Donate to Help Make a Difference

OmniThought.org is a true independent blog and is free of third-party ads. If you like reading the articles on this site, please take action now by clicking the "Donate" button below to send a donation to the author/editor. Your generous support will help fund his research and expenses, allowing him to continue his quest to educate and teach people to create a better world for everyone.


Category: Breaking or Interesting News/Info, Economy & Finance

Comments are closed.