San Marino, the ‘Titan’ virtual currency was born to pay part of salaries
To pay the expenses or taxes in San Marino the euro will no longer be needed but the ‘titan’ could be used. A titan is worth one euro, can only be spent in the Republic of San Marino and is a sort of electronic money, with which part of the salaries and pensions will be paid, loaded on the Smac Card, the magnetic card introduced years ago to accumulate discounts in the stores agreement. The ‘titan’ is the result of a bill of the majority which, technically, has called them Tax compensation certificates, a “fiscal currency” which, however, has nothing to do, at least in the first draft of the law, with the taxman. “It is a liquidity generator to help families and businesses in difficulty following the pandemic – explained the Secretary of Finance, Marco Gatti -. In Italy it could be assimilated to Sardex, the complementary currency introduced in Sardinia”.
Even pensions and salaries in San Marino will be paid in titans, for a portion of less than 30% “because even if it is a generator of internal liquidity – continues Gatti – it is useful if you do not exceed a certain threshold and at some point in the circuit the titans are withdrawn “. In short, keeping an eye on the law of the currency multiplier, the Titans will be useful only if they do not circulate too much and always below a certain threshold. “We will introduce control systems and trigger an alert if there are too many titans in circulation at a certain time. It is clear that according to the agreements with Italy, San Marino cannot beat currency with legal value, therefore, but if well calibrated the introduction of the titans will be an added value over time “.