Daryl Urbanski, and Paolo Bortolin discussed the potential of blockchain and crypto technologies to disrupt traditional financial systems and create new models of governance. They argued that the current system is unsustainable and will eventually lead to war, while new forms of governance will emerge through collaborations between populations and technology. Daryl Urbanski and Paolo Bortolin delved into the realms of blockchain and quantum computing, exploring their potential applications, challenges, and implications.

They discussed the tokenization of debt and its potential to revolutionize the bond market, and offered insights on how to navigate the new world of digital currencies, with Paolo Bortolin emphasizing the importance of privacy and cautioning against central banks' control, while Daryl Urbanski provided a more optimistic view.

Resources

• You may connect Paolo Bortolin on LinkedIn | CFTE
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Interview Highlights

Paolo Bortolin: Finance and technology with a focus on blockchain and cryptocurrency

• Paolo Bortolin shares his journey from finance to blockchain and crypto, revolutionizing treasury operations in Lugano.
• Paolo Bortolin passion for technology and finance began at a young age.

Career progression in finance, technology, and government

• Paolo Bortolin describes their career path, starting with accounting in their family business, then pursuing finance at university after two years.
• Paolo Bortolin shares stories about their experience with accounting software introduction in their family business in 1987.
• Paolo developed business, left for MBA, then returned to family business and sold stake to brother.
• Paolo entered banking sector in 2007, but timing was poor due to financial crisis.
• Ex-treasurer of Canton of Ticino in Switzerland, now head of retail banking in Ghana.

Pursuing passions, specializing, and the importance of unique experiences in various fields

• Passion and unique experiences are key to success in business.
• Daryl Urbanski explains the career ladder, from generalists to celebrities, and how specialists and trainers make more than generalists.
• Paolo Bortolin shares their journey into crypto, inspired by a friend living in Dubai, and discusses the importance of experience and curiosity in career growth.
• Paolo Bortolin met specialist in digital payments in 2008, and they discussed Bitcoin in 2013.
• Paolo Bortolin became interested in blockchain in 2014 after reading a book on the topic.

Blockchain technology and its explanation to a 5-year-old

• Daryl Urbanski and an Paolo discuss David Deutsch's book "The Beginning of Infinity" and its insights on good science and quantum computing.
• Daryl Urbanski explains blockchain as a train with many wagons, each dependent on the previous one.

Blockchain technology and its potential to replace traditional banking systems

• Blockchain is more than just digital payments, with potential uses in various industries.
• Paolo discusses the benefits of blockchain technology, including security and stability, and how it can be used for various purposes beyond cryptocurrency.
• Daryl asks about the founding thought of Bitcoin and how it eliminates the need for intermediaries, with a finite amount of bitcoin to prevent inflation.
• Daryl Urbanski and Paolo discuss the birth of Bitcoin as a response to the 2008 financial crisis, with Paolo highlighting the need for an independent way to exchange value between people peer-to-peer.

Bitcoin, stablecoins, and digital bonds in the financial sector

• Paolo Bortolin compares Bitcoin to gold, highlighting its potential to revolutionize the financial sector.
• Paolo notes that traditional financial institutions are starting to invest in Bitcoin, indicating its growing acceptance.
• Paolo Bortolin explains stable coins as cryptocurrencies pegged to fiat money, allowing for crypto adoption and digitalizing normal currencies.
• Paolo highlights USDT as the biggest stable coin in the world, with 97 billion in circulation, providing a digital dollar alternative.

Blockchain technology and its potential to disrupt traditional bond issuance processes.

• Paolo explains the difference between Bitcoin and stable coins, emphasizing the latter's ability to maintain value and transfer value.
• Paolo discusses the tokenization of debt, or digitalizing bonds, using blockchain technology to make the process more efficient.
• Paolo discusses the Swiss Stock Exchange's digital platform, x6, which is a private blockchain for tokenizing securities.
• Paolo highlights the innovation of issuing the first fully regulated digital bond on the platform, which took 3 months to issue.
• Paolo discusses potential for direct bond issuance bypassing banks, with potential benefits for cities.

Privacy concerns with central bank digital currencies (CBDCs) in Switzerland.

• Paolo acknowledges concerns about NEO feudalism, where big players control technology and surveillance.
• Paolo suggests that banks may not have much value to offer in CBDCs, and that laws may prevent some of these actions.
• Paolo emphasizes the importance of democracy and freedom in Switzerland, where citizens have the power to vote on various issues.
• Paolo highlights the potential risks of a central bank-issued digital currency (CBDC) in controlling people's financial transactions.

Central bank digital currencies (CBDCs) and their potential impact on privacy and security.

• Swiss National Bank plans to use wholesale CBDCs for interbank transactions, citing privacy concerns.
• Paolo: Central bank digital currency can speed up transactions worldwide, especially in emerging countries.
• Paolo: CBDCS can provide access to banking services for unbanked people, like 5 million in France.
• Paolo discusses quantum cryptography and its potential impact on cryptocurrencies, mentioning David Chaum and the Swiss National Bank's work on the topic.
• Paolo expresses concern about the concentration of quantum computing power and its potential risks, citing the example of the Swiss National Bank's work on quantum cryptography for cbdc.

The potential collapse of traditional financial systems and the need for change.

• Daryl Urbanski: Concerned about privacy loss with CBDCs, advises population to be cautious.
• Paolo: Traditional financial system is dead, advises citizens to be aware of privacy risks with CBDCs.
• Paolo predicts global economic collapse due to excessive debt and printing of money.
• Paolo suggests Switzerland could be a model for a new economic system, but even Switzerland has problems.

Future of finance, governance, and democracy.

• Paolo predict financial systems will change in the next 50-100 years, with new states emerging.
• Paolo: New form of state needed due to inefficiencies in public administrations, technology and AI disrupting borders, and migration mixing populations.
• Paolo Bortolin discusses the importance of privacy and democracy in technology.

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