Default euro in some European country

Marshall0544Marshall0544 Posts: 7 Tin ✭
edited February 2016 in About Goldmoney
I would like to start a new discussion on the possibility of exit from the euro by some European countries . Probably it is a scenario that could come true . I want to know if the account opened in euro currency remains in euro or is converted to the new currency as the origin of the account holder. Example : I am Spanish citizen or Italian and my country exits from euro by default my account bitgold remains in euro or is automatically converted to new peseta, italian lira or greek dracma ?

Comments

  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @Marshall0544 - welcome to the board

    First off, an official answer to that would have to come from BitGold proper, so I am going to invoke @Melanie to pass that question up to @Darrell and @Roy Sebag .

    But since this is community board I will answer with what seems the reasonable course to me. Of course all of this is conjecture until or if a given country actually withdraws from the European Union. Even after the country withdraws from the EU it is likely that the account would remain denominated in Euro until such time as any legal issues related to switching from Euro to the new currency were resolved. Internal to the BitGold Aurum system and website this is just a programming issue. iPhone and Android apps would take longer to update. Then there is the task of reissuing the Prepaid card in the new currency. This I suspect would take the greatest amount of time if it occurred at all.

    These are all just my thoughts. Others may see it differently.

    B)
  • Marshall0544Marshall0544 Posts: 7 Tin ✭
    edited February 2016
    The problem is this : rename the prepaid card in new currency would be a disaster . Every european person with new currency would remain in euro. The possibility to open a current account in euro at bitgold means putting money safe. In case of default by an European country the new currency would be greeted for at least 40 or 60 percent . Keep the prepaid card in euro would be the salvation and a compelling reason to choose bitgold
  • golden_grgolden_gr Posts: 664 Bronze ✭✭✭
    Hi @Marshall0544 and welcome. I agree with @79Au197 . You talking about a catastrophic scenario. If Greece leaves the Euro then Spain, Italy and Germany (!) would follow...and believe me at the current time no one want's to happen that. (If one country want that is the Germany only for many reasons...).
    But if that happen , I'm sure that BitGold have a "plan B'' for their European customers. You don't have to worry about your money/gold that you have invest here in BitGold.
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @Marshall0544

    Gold is gold and BitGold is gold. Which fiat currency your gold is converted to for day-to-day spending is another matter. I have to assume that the Euro will be accepted everywhere in Europe and the surrounding countries. It is probable that nothing would change.
  • rohanibuang61rohanibuang61 Posts: 2,379 Gold ✭✭✭✭✭
    @Marshall0544 My simple reason, I am Asian with Ringgit currency and I am still using USD denomination in my GoldMoney card. I am not telling about BitGold.

    - As at present GoldMoney Card only use USD, Euro dan GBP is in the only accepted currencies. As for us it is not a problem
    as we too can follow to this currency regulation.

    - As GoldMoney Card is Canadian based did not use Canadian Dollar. Why? Not because GoldCard cannot implement it but
    GoldMoney Card too has to follow the rules of the game to operate such business.

    - This is different from BitGold, we realized on our BitGold platform that we can even used with our own country currency as
    BitGold is not bind to any external force and regulation.

    - Therefore, no harm if account is still maintained in EUR denomination as EURO will still exist even if it be Germany alone.
    But still many more countries like Ukraine, Poland and so on will want to join EU community. If this happened, I think and
    still believe it is peanut for BitGold to take a small reshuffle for related members in BitGold.
  • Marshall0544Marshall0544 Posts: 7 Tin ✭
    Thanks again for this big support and future help. I think that this community is gold and gold will always. In Italy, now, notice are not good and bitgold is safe harbor.
  • solargoldsolargold Posts: 115 Copper ✭✭
    @Marshall0544
    Under "Defaults" (or "Default Settings"), you can freely change the Default Currency and the Tax Currency. And since your holdings are held in physical grams of gold, the currency displayed is irrelevant. If you are in Spain or Italy and they exit the EMU, the number of grams of gold wouldn't change.

    Soon you will also be able to have more than one GoldMoney Prepaid Card (e.g. one in EUR and one in USD, or GBP). So, for extra security if you are concerned that the entire Euro currency will disappear completely, you could have a USD GoldMoney card as well, and still access funds in the ATM that provides whatever local currency is adopted. The global MasterCard system is not going away.
Sign In or Register to comment.