Monaco Economie 109

17 ** Fiat currencies: state currencies such as the euro, dollar, yen etc and, on this point, we will do the same as France – ie offer access to this finance to a select club of investors, with capital coming, first and foremost, from fiat currencies**, rather than crypto currencies. Of course, we must not jump out of the frying and and into the fire by questioning all we have accomplished in terms of fiscal transparency and the fight against money laundering.We are also bound by various agreements, notably with France, but we do not wish to remain totally outside this trend. The important thing is to look at these developments’ legal setting in Europe and internationally, particularly in the area of controlling the provenance of any capital. We must develop laws in Monaco which are suitable for the financing of innovations, whilst remembering that we will deliberately limit the number of projects, as we wish to retain strict control over the activities of those who come and set up in Monaco. Being innovative is good but being transparent is better. We must remain true to the policies we have hitherto followed, so that the Principality’s position is not thrown into question, nor that of Monaco’s financial marketplace or reputation. The blockchain is also a technology that can be laundered: now, some large retailers, as well as financial and insurance companies, are able to create blockchains that are traceable to such-and-such and operation relating to their activities, without having to issue a crypto currency. Also, the mining for materials to create crypto currencies has catastrophic environmental consequences with which the Principality does not wish to be associated, so Monaco will not go in that direction – it would not make sense economically, politically or from an energy point of view. Monaco has, once again this year, a surplus budget and is doing economically better than its European neighbours. Is the international context worrying? L’International University of Monaco propose des programmes d’excellence aux étudiants talentueux du monde entier et les accompagne vers les plus hautes carrières du management à Monaco, en France et à l’étranger. Programmes BACHELOR • MASTERS OF SCIENCE • MBA • DBA Spécialisations FINANCE, LUXE, MARKETING, MANAGEMENT DU SPORT BUSINESS, MANAGEMENT INTERNATIONAL International University of Monaco 2, avenue Albert II - PRINCIPALITY OF MONACO admissions@monaco.edu - Tel.+377 97 986 996 MONACO.EDU We need to remain attentive as to what is going on around us, specially in France and Italy, our immediate neighbours. Whilst I am sceptical about scaremongering terms, we should obviously be aware of the events occurring abroad. I think that Monaco has enough assets and qualities to be able to play its cards right, despite a challenging context. Our model works well because we have a long-term vision and a political stability that other countries do not possess and which is, like security, extremely important to investors. We still need to offer what we do best – the appeal of Monaco depends upon it.