Artificial intelligence: revolution or new bubble?

Artificial intelligence (AI) is transforming the world at breakneck speed. Companies, governments and investors are competing to position themselves in what appears to be the new engine of global growth. But behind the technological euphoria, uncomfortable doubts are emerging: are we facing a structural revolution or a new financial bubble? And, above all, what risk does it pose for investors and for the economic system as a whole?

Economic history is clear. Every major innovation has been accompanied by a similar cycle: enthusiasm, massive investment, overvaluation… and correction. It happened with the railway in the 19th century, with technology companies during the “dot-com” bubble of 2000 and, more recently, with sectors such as fossil fuels, where some analysts were already warning of a structural overvaluation of assets. AI does not seem to be an exception.

According to market data, the major technology companies have accounted for a significant share of stock market gains in recent years. Companies with multi-billion valuations that, in many cases, have not yet proven profitable business models associated with AI. The question is inevitable: are we paying for the future… or inflating it?

The narrative that justifies everything

Every bubble needs a story. And AI has a very powerful one. Massive automation, exponential increases in productivity, replacement of jobs and new economic models outline a disruptive future that seems to justify any valuation. But the problem is not the technology, but its translation into financial expectations.

Many companies include the word “AI” in their discourse to attract capital, just as happened with “blockchain” or “crypto” a few years ago. The result is a distortion of the market, where perceived value exceeds —and often far exceeds— real value. This phenomenon fits with a deeper dynamic of the current economic system, where the proximity between financial, political and corporate power can amplify speculative trends and favour certain actors.

The real problem is not that there is a bubble, but that it could affect the entire system. When large investment funds, banks and institutions concentrate capital in the same sector, the risk ceases to be individual and becomes systemic. We already saw this in 2008 with subprime mortgages or with the possible carbon bubble, and with AI the pattern could repeat itself: concentration of investment, dependence on narratives, costly infrastructure and a possible domino effect that, in the event of a correction, could impact global financial markets.

The real economy vs. the speculative economy

There is a growing disconnect between the real economy and financial markets. While wages struggle to maintain purchasing power and the cost of living rises, markets can experience spectacular increases based on future expectations. This divergence is shaping an increasingly evident dual economy.

On the one hand, we find a real economy marked by inflation, high taxes and loss of purchasing power. On the other, a financial economy driven by narratives and excess liquidity, where AI is becoming one of the main engines. But when the distance between the two becomes too great, history teaches us that the adjustment eventually arrives.

This does not mean that AI is not an opportunity. It is, and a very big one. But it is necessary to differentiate between technology and investment: the fact that an innovation transforms the world does not mean that all related companies are good bets. In moments of euphoria, risk management becomes key: diversifying, understanding assets and avoiding following the crowd are basic principles for protecting wealth, especially when growth appears disconnected from fundamentals.

In this context, the role of central banks is decisive. For years they have injected large amounts of liquidity, fuelling investment in risk assets and emerging sectors such as AI. But when conditions change —with interest rate hikes or monetary restrictions— these investments can deflate rapidly. What today seems like a safe bet may tomorrow reveal itself to be a clearly overvalued asset.

Revolution yes, but not at any price

Artificial intelligence is, without doubt, a technological revolution. But that does not make it immune to the classic dynamics of markets. Confusing innovation with secure value is a recurring, and often costly, mistake. The key is not to avoid AI, but to understand it, analyse it and, above all, not be carried away by the dominant narrative.

History does not repeat itself exactly, but it rhymes. And today, the rhyme sounds familiar. When everyone is talking about the same asset, when valuations soar and the narrative outweighs the data, it is time for prudence. AI may be the future, but it may also be the next correction. The difference between winning and losing will not lie in detecting the technology, but in understanding the moment. In an increasingly complex environment, understanding the dynamics of the financial system is key to protecting savings and making well-informed decisions.

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The US Federal Reserve will launch this summer a real-time payments system designed to streamline transactions between bank accounts. This is a development that some critics see as a further step towards a digital dollar to counter cryptocurrencies and eliminate cash.

In an increasingly digital and interconnected world, payment systems are evolving to meet the needs of businesses and consumers who demand access to fast payment services to make transactions more efficient and better control their cash flow. The private sector has been at the forefront of this evolution, but governments also want to play a role.

To meet these needs, the US Federal Reserve plans to introduce a new payment system known as FedNow in July this year. This new instant payment platform is designed to enable secure and efficient payments in real-time, 24 hours a day, 365 days a year.

This is a great advantage for businesses and consumers, as they will not have to rely on traditional processing times, which can now be several business days. The new system will allow funds to be transferred instantly between participating bank accounts, and as a non-profit governmental organisation, it will be able to offer more competitive prices.

On the other hand, the adoption of FedNow by US banks, corporations and major financial institutions could result in other foreign entities being forced to use the service. This is significant because it could help the dollar, also in digital form, to perpetuate its reign in international cross-border transactions. This is a possibility that cannot be ruled out in the face of increasing de-dollarisation and the announcement of the launch of a new currency by the BRICS group.

A new payment system linked to the digital dollar?

In parallel with the launch of FedNow, the Federal Reserve is considering the possibility of introducing the digital dollar. As other countries have done already, this would involve putting into circulation a Central Bank Digital Currency (CBDC). This proposal has been criticised on the grounds that it could affect the fundamental freedoms of citizens, increasing the ability of governments to track and control the population.

In this regard, Florida Governor Ron DeSantis and presidential candidate Robert Kennedy Jr, questioned the motives behind the possible introduction of the digital dollar and the new FedNow payment system. Specifically, Robert Kennedy Jr stated that the issuance of a digital dollar will serve as a mechanism to control US citizens, just like the FedNow payment system, declaring that “the distinction between FedNow and a CBDC is important from a technical point of view, but not from a civil liberties point of view”.

As a result of these statements that seek to link the two proposals, yet another controversy has been unleashed on social networks, in which content is circulating that claims that the Federal Reserve will launch a central bank digital currency called FedNow this July, which will give more power to the government to ratify financial slavery and political tyranny.

This misinformation has gone viral to the point that the Fed has deemed it necessary to officially deny it, stating that “FedNow is not related to a digital currency. FedNow is a payment service that the Federal Reserve makes available to banks and credit unions to transfer funds. The FedNow service is neither a form of currency nor a step toward the elimination of any form of payment, including cash.”

Additionally, federal officials – including Fed chair Jerome Powell and former vice chair Lael Brainard – noted that a digital dollar could still be years away from becoming a reality, but that FedNow could emerge as a better alternative to a CBDC. Be that as it may, the controversy is served, and is likely to further boost the case for cryptocurrencies as decentralised digital currencies that can be used as a defence against CBDCs or other state-backed monetary alternatives.

11Onze is the community fintech of Catalonia. Open an account by downloading the super app El Canut for Android or iOS and join the revolution!

In recent years, the belief that our poor email management is highly harmful to the environment has spread out. The latest research relativises its impact and points to other digital habits as responsible for a significant part of global warming.

The book ‘How Bad Are Bananas? The Carbon Footprint of Everything’, published in 2010, popularised the idea that emails have a large carbon footprint. Its author estimated that each message, even if it is just to reply “thank you”, generates a minimum of 0.3 grams of CO₂ due to the energy consumption associated with our devices and, above all, with large data centres. And it should be borne in mind that between 150 billion and 300 billion emails are sent daily around the world, although most of them are ‘spam’.

Some recent research relativises this alleged environmental damage of our messages. Apart from freeing up some space on the servers that host them, there is no evidence that it substantially reduces the energy consumption of the digital infrastructure if we avoid our expendable emails and delete unnecessary ones. 

We very rarely switch on a mobile phone or computer just to send an email and both storage and data transmission systems run relentlessly, even when we are not using them, so energy consumption remains fairly stable.

An updated perspective

With the new estimates, it is estimated that heating water in a kettle requires more electricity than sending and storing a thousand e-mails. And deleting that thousand messages from our inbox would have a carbon benefit of about five grams of CO₂, the minimum our computer would generate in half an hour if we kept it on to delete them. Although it may be hard to comprehend, manually deleting emails can have a greater impact on carbon emissions than storing them.

In fact, the first effective measure to limit the carbon footprint of email is to reduce as much as possible the number of electronic devices we buy to manage it and to keep them as long as possible, as their manufacture generates a significant carbon footprint. 

But above all, safeguarding the environment means using energy-efficient devices and rationalising the time we keep them switched on: we should not forget that part of the electricity we use to power these devices comes from fossil fuels.

The source of excessive traffic

Obviously, avoiding unnecessary emails, writing concisely, including hyperlinks to files rather than attachments, limiting the number of recipients, regularly emptying the ‘spam’ folder and unsubscribing from newsletters that do not really interest us are best practices that will reduce Internet traffic. But if we really want to contribute with our digital habits to the good health of the planet, we should look beyond our e-mail. 

Email exchanges account for only 1% of Internet traffic, which is tiny compared to video streaming services, which already account for more than 80% of what goes online. And that is an appreciable amount of tons of CO₂.

If you want to wash your clothes without polluting the planet, 11Onze Recommends Natulim.

The automation of work is creating an occupational metamorphosis, in which tasks usually done by humans are transferred to a set of technologies. Economics is not spared, and artificial intelligence is also gaining ground. But are economic forecasting algorithms a real alternative to economists?

As a result of the digitisation process of the last decades, huge amounts of data are being generated that are transforming the methods by which we analyse statistical models. Storing, registering, and analysing this constant flow of information has become an essential task for many sectors of the economy.

A technological revolution has opened up new possibilities in economic and financial forecasting capabilities. The analysis of these large databases, known as ‘big data’, would not be possible without artificial intelligence (AI). A rather broad term that encompasses a whole range of ideas.

Even so, there are two concepts in this field: machine learning (ML) and deep learning (DL), mathematical algorithms that allow computers to identify patterns in data and make predictions by imitating humans. Two computational advances that form the basis of economic forecasting with artificial intelligence.

An algorithmic crystal ball

Experts often compare algorithmic forecasting to “a crystal ball”. Indeed, this metaphor is the title of an internal study published by the International Monetary Fund (IMF), in which the authors of the research, Jin-Kyu Jung, Manasa Patnam and Anna Ter-Martirosyan, try to establish whether macroeconomic forecasting algorithms can improve on the results predicted by IMF economists themselves.

The study applies three different machine learning algorithms to a common economic forecasting problem, and the results are surprising. In all three cases, the algorithmic prediction far surpassed the benchmark performance of IMF economists.

In their observations, the authors warn that there are still factors that require further research. They also state that, for these predictions to be truly effective, real-time observations would have to be included. They explain that there is some freedom in the introduction of the parameters used by the algorithms, and that this may be key to determining their effectiveness.

Even so, in their conclusion they agree on the fact that the potential of machine learning in terms of statistical analysis of economic data is evident; and that, although these predictions made by algorithms cannot fully replace the work of economists, they represent a valuable additional reference when making decisions on economic forecasting.

11Onze is the community fintech of Catalonia. Open an account by downloading the super app El Canut for Android or iOS and join the revolution!

Europe could once again be talking about food rationing. This is not an alarmist headline: it is a direct warning from the heart of the financial system. The question is not only whether it will happen, but what this scenario really implies. Above all, what it says about the fragility of the current economic model and our dependence on factors we do not control. And, even more importantly, what consequences it may have for the daily lives of millions of European citizens.

When Christine Lagarde speaks, markets listen. But this time the message goes beyond monetary policy. The President of the European Central Bank has opened the door to extreme measures such as food rationing if geopolitical and energy tensions persist. It is not the central scenario, but nor can it be ruled out in an increasingly volatile context.

To understand the scope of the warning, we need to look at the global context: an economy still wounded by the pandemic, strained by the war in Ukraine and subject to persistent inflation. Now, the focus is shifting towards the Middle East and critical points such as the Strait of Hormuz. If this key route is disrupted, the world could lose up to 13% of its daily oil supply, with an impact that would go far beyond fuel and end up affecting the entire economic chain.

Energy, scarcity and control: the return of an old ghost

Energy is the circulatory system of the economy. When it fails, everything is affected. It is not only a matter of fuel or electricity: it is the root of all productive activity. When energy costs rise, everything that depends on them becomes more expensive, from industry to the most basic services.

More expensive fertilizers. More expensive transport. More expensive production. The result is inevitable: more expensive food. We have already experienced this recently. After COVID and the war in Ukraine, the cost of living soared while wages lagged behind, causing a sustained loss of purchasing power. And that was in a scenario without extreme supply disruptions.

The problem is that this time it could go further. We are not only talking about inflation, but about possible physical interruptions in supply chains. When there are not enough resources for everyone, the logic of the market gives way to the political management of scarcity. And it is at this point that rationing ceases to be a memory of the past and becomes a real option.

CBDCs: the piece that fits too well

In parallel with these warnings, central banks are accelerating the rollout of digital currencies —CBDCs—. On paper, they are presented as a natural evolution of the financial system: more efficient, faster and with lower transaction costs. A logical adaptation to an increasingly digitalized economy.

But this innovation incorporates a differentiating element that cannot be ignored: control. As has been analyzed at 11Onze in several articles, CBDCs allow full traceability of transactions and open the door to mechanisms of direct supervision over citizens. It is not only a new way to pay, but a tool that could redefine the relationship between the State and money.

Unlike cash, these currencies could:

• Limit what you can buy
• Determine where you can spend
• Impose expiry dates on money
• Apply negative interest rates directly
• Block accounts in real time

In other words, a system in which economic policy ceases to be an indirect tool and begins to act in real time on citizens. Decisions are no longer limited to interest rates or taxes, but can directly affect how, when and on what money can be used. A paradigm shift that transforms economic management into a mechanism of immediate control.

Crisis and control: the logic of the system

This combination —systemic crisis and increased control— is not new. The current economic model has been built, to a large extent, on major shocks: wars, financial crises or global emergencies. These are exceptional moments that allow measures to be implemented which, under normal conditions, would generate strong social rejection.

It is what some economists —such as Naomi Klein— define as the “shock doctrine”. When fear and uncertainty dominate, the room for manoeuvre of governments expands. Citizens, seeking stability, accept profound changes that transform the rules of the economic and social game.

In parallel, pressure on the middle classes continues to grow. Inflation not only increases the cost of living, but also silently increases tax revenue, making citizens pay more without any explicit tax increase. The result is a delicate scenario: less purchasing power, a greater tax burden and a growing dependence on public subsidies which, in an environment of programmable digital currency, could also end up conditioning how and on what they can be spent.

And while all this is happening… gold returns to the centre

In a context of growing uncertainty, central banks are strengthening their reserves with this precious metal, recovering a pattern of behaviour that has been repeated throughout history. This is not a casual decision, but a response to mistrust towards a system that is increasingly under strain.

Gold does not depend on any government, it cannot be created out of nothing or easily manipulated. It is tangible, limited and universally accepted. In this sense, it represents almost the antithesis of digital currencies issued by central banks. That is why, as money becomes digitalized, interest in physical assets also grows. In the end, everything comes down to a question of trust.

But the underlying debate is not technological, but political and social. The uncomfortable question is inevitable: what price are we willing to pay for stability? If energy and food crises become entrenched, exceptional measures may cease to be temporary. And what is presented today as an emergency solution may end up defining the rules of the game in the long term.

We have all the ingredients of a perfect storm: geopolitical tensions, energy dependence, structural inflation, high debt and an accelerated digitalization of the monetary system. Understanding this scenario is not alarmism, but rather responsibility. The system is changing rapidly. And only those who understand what is happening will be able to protect their wealth and their economic freedom.

Protecting savings with physical gold has been one of 11Onze’s main contributions to its community and, now, the range of products is being expanded. That is why, in the face of volatility, still-high inflation and the growing crisis of confidence in the banking system, gold is once again strengthening as a safe-haven asset. Discover Gold Seed at Preciosos 11Onze.

You’ve probably heard a lot about tokens lately, especially in connection with cryptocurrencies, the blockchain, and the metaverse. But what exactly are they? What are they for? We are already surrounded by tokens in our daily lives, although we are not sufficiently aware of it. Núria Rambla, executive assistant at 11Onze, gives us all the clues.

‘A token is a token, a symbol, a code. Tokens are objects similar to a currency, but not legal tender,’ Rambla explains. This means that they only have value within the market where it has been established that they will be used and only for the purpose for which they have been created. Tokens have been around for many years and the clearest example is casino or fairground tokens, those plastic coins that can only be used to play slot machines or poker or to ride the witch train or bumper cars.

And what characterises tokens? ‘They have no value, they are issued by institutions or private companies, they are made of low-value materials, they have a control system, and they are secure and cannot be counterfeited,’ says the executive assistant. In the digital world, tokens use the infrastructure of cryptocurrencies, the so-called blockchain, to circulate. We could say, in fact, that a cryptocurrency is a token, although a token is not exactly a cryptocurrency.

‘While a cryptocurrency has its own blockchain, a token always takes advantage of an existing blockchain, so it is cheaper for digital platforms’, argues Rambla.

In the virtual world, tokens have infinite applications: they can serve as security codes that are validated when we enter a website, as redeemable points in video games, as miles flown by airlines… In the world of finance, they are also used in the so-called ‘tokenisations’, that is, to protect our data when we make online payments, through a code that validates the transaction with total security. And in terms of investments, there are ‘security tokens’, i.e. investment securities in ‘tokens’. Want to know more? Just watch the video below!

11Onze is the community fintech of Catalonia. Open an account by downloading the app El Canut for Android or iOS and join the revolution!

Beyond its popularity in the jewellery sector and as a store of value for investors and savers, gold is a precious metal whose physical properties give it a wide range of industrial applications, from electronics to medicine.

Throughout history, gold has been regarded as the ultimate store of value, making it an essential asset for individuals seeking to protect their savings and investors seeking to diversify their portfolios in economic uncertainty.

Its intrinsic value comes from its durability and relative scarcity. However, it is also due to a large and sustained demand from various sectors, from central banks and private investors, who accumulate bullion and coins of this precious metal, to the jewellery industry. Its physical properties also make it highly versatile enough for various industrial applications, for example: 

• Electronics industry. Gold has excellent electrical conductive qualities, as well as very good resistance to corrosion and oxidation. This makes it an ideal metal for use in electronic components, such as connectors, chips and integrated circuits found in computers and mobile phones. It is estimated that around 300 tonnes of gold are used in electronic components every year, and that 7% of the world’s gold is found in such devices.
• Automobiles industry. Apart from being used in electronic components, the automotive industry takes advantage of the excellent quality of gold as thermal insulation to prevent high temperatures from damaging the mechanics of F1 cars and supercars from brands such as McLaren and Koenigsegg.
• Aerospace industry. Just as it is prized in the automotive industry for its thermal protection, and beyond its use in electronic components, the aerospace industry uses gold leaf to coat parts of aircraft engines, satellites, and space capsules to protect them against extreme temperatures and radiation. Gold is also used as a component of aircraft windscreen coatings to help reflect infrared radiation.
• Medicine industry. Because it is non-reactive and non-toxic, gold is used in prostheses and implantable medical devices, such as pacemakers. On the other hand, gold nanoparticles are used in biomedicine in diagnostic techniques for the detection of cancer cells. They are also used in the treatment of rheumatoid arthritis and muscle pain.

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Instant payments, banking apps, digital money. Everything seems convenient. But behind financial technology there are political and power decisions.

Financial technology has integrated into everyday life with surprising speed. We pay with our phones, send money in seconds, contract financial services with two clicks. Everything is more agile, more efficient, more “user-friendly”. But this convenience has a downside that often goes unnoticed: financial technology is not neutral. It has never been.

Every digital infrastructure incorporates a worldview. And, in the case of money, this vision has profound consequences for economic freedom, privacy, and the decision-making power of citizens.

The end of anonymous money

For centuries, money has allowed something fundamental: anonymity. Buying, selling or saving without leaving a trace. Not as a criminal privilege, but as a basic expression of individual freedom.

The total digitalization of the financial system radically changes this paradigm. Electronic payments, cards, banking apps and digital currency projects imply absolute traceability. Every transaction is recorded. Who pays, how much, where and when?

What is regularly presented as efficiency and the fight against fraud also opens the door to an unprecedented level of control. Not only by financial institutions, but also by states. In this context, initiatives such as central bank digital currencies —promoted, among others, by the European Central Bank— generate a legitimate debate: how far does convenience go and where does surveillance begin?

Eliminating cash is not only a technological change. It is a change in the social contract.

When every action leaves a trace

In a fully digitalized system, money ceases to be just a medium of exchange and becomes data… and data has value.

Consumption habits, payment frequency, types of merchants, geographical location. Everything can be analyzed, cross-referenced and exploited. Not necessarily with bad intentions, but with clear incentives: risk control, customer segmentation, profit optimization.

The problem is not only who collects this data, but who decides how it is used. And here the citizen frequently remains in a passive position, with little room for manoeuvre and limited capacity for oversight.

Algorithms that decide for you

Credit granted or denied. Spending limits. Insurance premiums. Financing conditions. More and more financial decisions pass through automated systems.

These algorithms are not objective by definition. They are models designed by humans, trained with historical data and oriented toward maximizing certain outcomes. Often, efficiency and risk reduction for the institution, not necessarily the well-being of the client.

The problem is opacity. When a person decides, it can be questioned, negotiated or appealed. When an algorithm makes it, the answer is usually “does not meet the criteria”. Without clear explanations. Without context. Without a real right to reply.

This creates a new asymmetry of power: systems that decide over people’s economic lives without them understanding how or why.

Automation and dependency

Financial technology promises autonomy, but it can generate dependency. Dependency on platforms, private infrastructures and criteria we do not control.

When everything goes through apps and digital systems, being excluded —by age, knowledge, resources or personal choice— implies real marginalization. Access to money ceases to be universal and becomes conditional.

Moreover, technological concentration in few hands reinforces power dynamics that are difficult to reverse. The system becomes efficient, yes. But also more fragile and less plural.

Technology yes, but with critical thinking

Technology is neither good nor bad in itself. It depends on who designs it, with what incentives and under what rules. Accepting it uncritically is as naive as rejecting it altogether.

The challenge is not to stop innovation, but to govern it. To ensure that financial digitalization respects fundamental rights such as privacy, freedom of decision and universal access. It is necessary to ensure that technology serves citizens, not only the financial system or institutional control.

This requires regulation, transparency and, above all, informed citizens. Without knowledge, there is no capacity to choose. And without the capacity to select, freedom dissolves.

Knowledge as defense

Understanding how digital financial systems work is not a technical issue reserved for experts. It is a tool of personal sovereignty.

Knowing what it means to pay without cash. Understanding how automated decisions are made. Questioning what data we give away and in exchange for what. All this is part of a new essential literacy.

In a world where money is increasingly digital, ignorance is no longer neutral. It plays against you. Understanding financial technology is essential to preserve economic freedom.

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Brussel·les proposa els pilars legals per garantir l’acceptació de l’euro digital i la seva coexistència amb els diners en efectiu. Els bancs comercials seran els encarregats de distribuir i limitar les quantitats d’aquesta divisa digital. Però respectaran la privacitat i l’anonimat dels ciutadans?

La Comissió Europea i el Banc Central Europeu han presentat un paquet de propostes legislatives per convèncer al Parlament Europeu i al Consell de la UE de donar suport al llançament de l’euro digital. Les autoritats europees justifiquen la necessitat d’una CBDC  perquè cada vegada hi ha més ciutadans -un 55% segons les seves enquestes- que prefereixen pagar a través de mètodes electrònics.

Es tracta d’un conjunt de mesures que busquen oferir un mètode de pagament alternatiu i complementari als diners en efectiu per als ciutadans i les empreses. El Banc Central Europeu decidiria qui podrà fer servir l’euro digital, com es farà servir internacionalment, i els bancs comercials s’encarregarien de distribuir i limitar les quantitats d’aquesta nova divisa digital. 

Per una banda, es vol garantir que els euros en efectiu continuïn sent accessibles i àmpliament acceptats per totes les persones i negocis de tota la zona euro i, per l’altra, s’estableix el marc legal per a un possible euro digital com a complement dels bitllets i monedes en euros, que serà d’acceptació obligatòria en els comerços de l’eurozona, “excepte entre comerciants molt petits que optin per no acceptar pagaments digitals”.

Tranquil·litzar als bancs i als ciutadans

Segons les autoritats europees, les propostes presentades permetrien als ciutadans emmagatzemar fins a 3.000 euros digitals en moneders segurs que garantiran la privacitat. “Tenir un moneder digital en euros recarregat en el telèfon -o un altre dispositiu- serà el mateix que tenir monedes i bitllets en la butxaca. Podràs pagar amb la mateixa facilitat. Ni tan sols serà necessari tenir connexió a Internet“, apuntava durant la roda de premsa Valdis Dombrovskis, vicepresident executiu de la Comissió, però afegia que “la quantitat estaria subjecta a un límit màxim com a manera de protegir l’estabilitat financera i evitar sortides substancials de diners dels bancs”.

En aquest context, la protecció de la privacitat és una de les qüestions que més preocupen a l’Eurocambra, a les associacions de consumidors i als ciutadans que van deixar comentaris durant el període de consulta pública del projecte. El vicepresident de la Comissió afirma que no hem de patir per la nostra privacitat i protecció de dades que “les dades personals estarien totalment protegides. Els bancs, ni tan sols el BCE, no veurien ni podrien rastrejar les dades o detalls personals de la gent. Els pagaments sense connexió oferirien un nivell de privacitat similar al que ofereix avui els diners en efectiu”.

Això, però, és un punt contenciós entre els proponents i crítics d’aquestes mesures legislatives. Mentre que possibilitar pagaments fora de línia per a petits imports, en els quals no quedin registrats les dades del pagador i el beneficiari, pot garantir un cert nivell de privacitat, la tecnologia permet reconstruir aquestes transaccions si les autoritats pertinents ho requereixen. 

De la mateixa manera, no es pot garantir l’anonimat que ofereixen les transaccions en efectiu. Com admetia Christine Lagarde, presidenta del Banc Central Europeu, “L’anonimat total -com el que ofereix els diners en efectiu- no sembla una opció viable. Contravindria altres objectius de política pública, com garantir el compliment de les normes contra el blanqueig de capitals i lluitar contra el finançament del terrorisme. I també faria pràcticament impossible limitar l’ús de l’euro digital com a vehicle d’inversió”.

Centralització vs. descentralització

Tot i que l’euro digital podria ajudar a reduir l’economia submergida i el risc de frau gràcies a la completa traçabilitat sobre la major part de les transaccions, els governs tindrien un control sobre els nostres diners sense precedents. La qual cosa els permetria saber exactament com els gastem i els atorgaria la capacitat de parar pagaments o confiscar-los, com va passar amb les protestes dels camioners contra el govern canadenc. 

En aquest context, les criptomonedes ofereixen una alternativa a la banca centralitzada controlada per l’Estat, democratitzant la creació de moneda mentre dilueixen el monopoli bancari tradicional. A més, en termes pràctics, la introducció de les CBDC no acaba de ser entesa del tot per una ciutadania que, de fet, ja fa transaccions digitals bancàries i en el comerç diàriament a través dels mètodes de pagament existents.

I és precisament en aquest punt, on la suposada necessitat d’introduir un nou mètode de pagament, o encara més important, on els conceptes de privacitat, anonimat i llibertat que ara tenim amb els diners físics i les criptodivises poden ser decisius en determinar si la proposta d’un euro digital no és res més que una solució a la recerca d’un problema -almenys pel que pertoca als interessos dels ciutadans- que està destinada al fracàs a no ser que sigui imposada per la força.

11Onze Recomana Bitvavo, les criptomonedes de manera fàcil, segura i a baix preu.

The startup ecosystem in Catalonia, primarily located in the metropolitan area of Barcelona, continues to grow and consolidate the city as one of the leading technology hubs of innovation and digital entrepreneurship in Europe.

The development of the digital start-up ecosystem in Catalonia has turned Barcelona into a leading technology hub that attracts some of the top global companies. The synergy between public administration, universities, institutions and entrepreneurs has positioned the Catalan capital as the leading technology cluster in Southern Europe.

The latest report on the startup ecosystem in Catalonia by ACCIÓ identified a total of 1,902 startups in 2021 – a growth of 11.4% over the previous year – with a turnover of 1,710 million euros and employing 19,300 people. These figures confirm the upward trend seen in recent years of a digital ecosystem that thrives from its ability to attract talent and investors, and which the government hopes will reach 4,000 start-ups by 2030.

The maturity of the Catalan technology sector is evident in the study recently published by CaixaBank and IESE, confirming the leadership of Catalonia, which concentrates 18% of the startups in the whole of Spain, most of these in the counties of Barcelonès and Vallès Occidental.

An international and multicultural sector

Numerous studies confirm that cultural diversity has a positive impact on innovation, so it is not surprising that the success of many start-ups is closely linked to their ability to attract international talent, where entrepreneurs and employees from various backgrounds work in small teams driven by the same strategic objective.

In this sense, 26% of the employees and 17% of the founders of startups in Catalonia are foreigners. This trend is expected to increase, given that 73% of these start-ups have international clients, accounting for almost half of their turnover.

The support for digital entrepreneurship, the privileged location of Barcelona, the technological ecosystem of Catalonia, and the entrepreneurial spirit of the Catalan culture have made it easier for startups to gain more and more points every day to take over a large part of the country’s business fabric, making Barcelona the second preferred hub in the European Union to create a startup.

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