Are you more cheese or crypto? – If the question in the title of this article may seem surprising to you, the answer is even more so. Deutsche Bank still doesn’t show any interest in Bitcoin, but it has just agreed to make a loan in exchange for … wheels of Parmesan cheese.
For 27.5 million euros of parmigiano
According to the German newspaper Handelsblatt, Deutsche Bank has just granted a 27.5 million euro loan to the Italian company Ambrosi. The guarantee behind this loan? A stock of 125,000 wheels of cheese of the Parmesan (Parmigiano Reggiano) and Grana Padano varieties.
If this sounds far-fetched, each of these wheels of cheese is worth between 550 and 740 euros. Even taking the low estimate, this means that the German bank has a cheese treasure of at least 69 million euros on hand in case the loan granted is not repaid.
The boss of the Italian company, Giuseppe Ambrosi, explains that he intends to use the loan to build a new ripening plant for the production of this kind of cheese.
No Bitcoin for DB: it swears by an MNBC
Deutsche Bank is definitely not a fan of Bitcoin (BTC). In addition to its preference for Parmesan as a loan guarantee, the German bank recently published a report in favor of a digital central bank currency (DCBM).
In the trash, Bitcoin and cryptos for Deutsche Bank! It is MNBC that will „change all financial relationships“ – except perhaps dependence on banks if they impose themselves, right?
Moreover, these digital currencies controlled by central banks would only have advantages :
Increased speed, security and transparency of transactions – with the resulting benefits in terms of „fraud control (sic)“;
More effective monetary policy – for example, by speeding up the implementation of monetary policy changes, such as allowing central banks to lower interest rates even further into negative territory (seriously?).
No need to draw you a picture! The Deutsche Bank gives here a perfect definition of the expression „preaching to one’s parish“.
However, even with a significant regulation and centralization of money, we have seen very recently the deep financial drifts, taking the example of the classical system. With the FinCEN scandal, the Deutsche Bank is very well (badly) placed to know this (1,300 billion dollars of dirty money laundered by it).