Ernesto Fasola, author of a recently published book on cryptocurrencies, has over 30 years of experience in banking and finance. Specializing in business development and client-focused strategies, he currently works at Banco de la Nación Argentina. In this interview, he shares his expert insights on the rapidly evolving world of cryptocurrencies with Qorus.
Please tell us a little bit about yourself and your background.
I’m an expert in political science, with a lot of experience in the banking industry. More than 30 years of work experience.
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You’ve written a book titled El mundo de las criptomonedas, blockchain y otros medios de pago. What inspired you to write this book, and what can readers expect to find in it?
My book was born from a thesis I wrote for my master's degree. After finishing the course, I thought why not. Then I started to rewrite the thesis and transform it into a book.
The book offers readers a ‘toolbox’ to understand what a cryptocurrency is, which is which, and what they are for.
Many central banks discourage cryptocurrencies, and the traditional banks are hesitant to offer them to their customers. What explains this reluctance?
Bitcoin (as the most known crypto) is a real tsunami for regular finance as we know it. I think central banks are trying to surf the wave. There is no global regulation; each country takes its own road in this new digital era.
In Argentina, the central bank says that cryptocurrencies are very volatile, so it asks the banks not to offer them.
In some countries where the local currency has been weakened or heavily devalued, cryptocurrencies might seem like a safe hedge against devaluation. Do you have any insights into the use of cryptocurrencies in such specific cases?
Argentina is a good example of that scenario. Here, crypto is like dollars – you can buy it as a store of value.
I think that especially in developing countries, crypto is a store of value because of the devaluation of their own public currencies. Remember that crypto is the money of the private sector. It is ‘voluntary’, whereas official currencies are ‘obligatory’.
There is an interest in cryptocurrencies among younger customers. Does it mean that banks need to meet this demand to avoid losing these customers to fintechs?
I think formal or traditional banks need to get into this new world. It’s true that young people get involved more quickly than older people. But banks cannot afford to remain outside this market. It’s HUGE! The banks really need to embrace it.
In your opinion, do banks have a role to play in educating their customers financially about cryptocurrencies?
I think the role of education is not a duty for banks. It’s a role that other institutions must take on. Schools, for example. But banks can at least have tutorials or advertising on the topic for their customers.
Donald Trump has made statements in support of cryptocurrencies. What could his election mean, and what impact might it have on cryptocurrencies?
I think cryptocurrencies are going to have a good rally, going up and growing up. Trump is going to put crypto at the top of investments.
Is there anything we haven't covered that you think is important to add?
I think the future of crypto (private money) is to coexist with legal currencies (public money) for a long time. And I think cryptocurrencies are going to be regulated in the future.
