Everything has to do with the economy, cryptocurrency, artwork and future forecasts.Talk about it all Spanish Cointelegraph Contacted with artist Alberto Echegaray, who is the director of Trustlink and a former representative of Argentina for the Financial Action Task Force.
Cointelegraph: Let’s start by talking about your artwork, Money ball.
Alberto Echegaray: Moneyball started development in 2012. This is a work involving something taboo in art: money. Although NFT has changed it now, it is still taboo.
What Moneyball wants to show is that there is currently no support for almost or almost all fiat currencies in the world. How many governments use the issuance of these currencies to generate inflation, which is basically a tax, a phantom, which takes away people’s purchasing power.
With this concept in mind, I started to research Moneyball in US dollars. I have lived in Washington, DC for about 12 years-doing some consulting for the Federal Reserve. That’s how I came to the Fed. I was invited to visit the facilities of their department that prints dollars.
At that time, they replaced the old dollars with new dollars in circulation. In one part, I found a huge warehouse in which billions of dollars were destroyed.That’s when i think about it It’s unbelievable. You cannot take pictures-there are many safety measures. I asked for the money to be destroyed, but was told that the money was state-owned property, not ours. Even if it is destroyed, it remains federal property.
I had to write a series of letters, and a few months later, they gave me a $2 million bill of $100, which was destroyed. Therefore, I started to create art.
CT: How did you think of adding Bitcoin to your work?
AE: At the end of 2013, a Venezuelan in San Francisco introduced me to BTC and gave me some, but I still have it. It was not until 2015 or 2016 that I paid enough attention to this.
I talked to a few people in Silicon Valley and they told me that it will be part of the future, especially the blockchain. I started buying Bitcoin and really started using it. Then I opened a fund and became a cryptocurrency missionary.
“It’s very interesting. Bitcoin started to grow. At that time, I was able to work in different countries. I started to find resistance from all the financial sectors. It seemed that I was talking about crime or money laundering. It was terrible.”
But in 2016, I contacted an Argentine government member who needed some technical help to prevent money laundering and terrorist financing. It is Mariano Federici, the head of the Financial Investigation Department. FIU has very little to fight against the money laundering of Bitcoin and cryptocurrencies. What a mess. I was asked to help and it was an interesting challenge. More advanced analysis, data and information systems are installed.
But I am not interested in the prosecution part of the crime. I am more interested in the technology and encryption part. At that time, Europol held a meeting where security experts met on encryption and cybercrime. I am new here, but I was invited by the Argentine government. Then, I was invited again to participate in the FATF, where I met some people-especially people from the United States, China, Russia, South Africa and Australia-who knew about encryption. They are a very strong team.I started to see how the regulations will develop
CT: Do you want to do more, look at the other side behind the curtain?
AE: That was in 2016/2017. However, before I joined FATF as the chairman of Argentina, I had 4 years of experience in regulatory affairs in Paris. I have started to develop private notes outside the market in parallel, this is the first synthetic technology, and its underlying asset is Bitcoin.
There, I can build a financial product that can be invested from a bank account. It was super successful until the bank told me that they could not accept funds because BTC was involved.
I started to think Hidden ball. If I have used fiat currency, it shows that it is worthless, I said that I will try to use cryptocurrency. I started to develop Cryptoball, but in 2017/2018, it was difficult to obtain a curved display that can display the price of BTC. I have to contact a person in China who allows me to use the flexible screen.
Cryptoball is a sphere with two flexible screens connected to the software in the processor. The processor displays the real-time value of BTC stored in the hardware wallet in the part. It displays prices in Japanese Yen, Euros and US Dollars. By that time, I have 250 BTC and put them in the Ledger wallet.
“Beside the installation of the Venice Biennale, I placed one million dollars and one million euros. There are many young people. Many people from the art world ask me what it is because they don’t understand.”
That was when European collectors I didn’t know approached me. He proposed to see me in the restaurant the next day. It was interesting because then they contacted me on his behalf and talked about “His Royal Highness”.
It turns out that he is a prince who supports this culture very much. We sat down and talked about art. I can’t believe it, because the Venice Biennale is not where you want to sell.
The biennale was over, and I brought the artwork to his place in Switzerland. This is a very interesting story.
CT: Art and the crypto world get along very well. What do you think of NFT? Do you plan to use this technology?
AE: I am beginning the process of tokenizing certain works. I am considering tokenizing the field, but I hope it becomes interesting. Not only the 3D design of artwork or sculpture, but also, for example, a real-time quotation recorder that can display prices. Things that exist in real life exist in parallel in different dimensions.
I am still doing 3D mapping and augmented reality with a group of people. I was also invited to serve as a consultant for the NFT platform, which has established artists.
I think we are at the beginning of tokenization, and many interesting things can spread art. I mean, in the past, it was difficult for artists who graduated from art schools to enter galleries. This is changing dramatically. Now, art school graduates who choose to devote themselves to digital or virtual art are getting job opportunities, for example in the field of games.
This is added to all mass consumer brands entering the virtual world. What is about to happen is surprising.
CT: Regarding the future of private banking, do you think banks will use cryptocurrency or oppose cryptocurrency?
AE: All major banks already have large encryption research departments. They know this is a new system within the financial system. Just like when we talk about landlines and mobile phones, they will eventually eat away everything.
But they still insist on their own transfer system and the way they collect commissions and make money, and they have not realized that this situation has changed drastically.
“If they don’t understand mortgage or DeFi, if they don’t adopt it quickly, they will see their business disappear overnight. Some people try to understand it, but it’s difficult.”
The same is true for regulators. There are not enough human resources to ask who understands these two worlds. Without ability, intelligence and determination. They think this still has a long way to go.
CT: What do you think of the state of the global monetary system in 2030?
AE: I think the new generation will have a huge opportunity. It is the government’s parallel system, based on the speed of technology. I think that by 2030, society will be more integrated on the one hand, and more discriminatory on the other. They will become a very powerful group.
What we see with cryptocurrency is basically a revolution in assets or private currencies, which we have never seen before. As far as encryption is concerned, I clearly see private systems linked to private space systems. These systems may or may not be open source. I see banks in this field, more evolving digital assets, and commodity tokenization that is happening in the future.
Traders do not want to lose control of all this. What I see is this kind of prediction. I think there will be a new system that is neither capitalism nor socialism.