Frédéric Genta: “We will use blockchain without really being aware of it”

Frédéric Genta Monaco
Frédéric Genta

Embrace blockchain, but always in moderation, says Frédéric Genta, Monaco’s Chief Digital Officer.

Blockchain is becoming more and more democratic. Should we introduce it into our daily lives?

Blockchain can be a useful technology, but it is also expensive in terms of energy. You have to know how to use it and when it is relevant. If we have highly complicated large-scale operations to carry out that require a lot of personnel and considerable financial investment, then we have to use it. The rest of the time, it’s not really a necessity.

We will use blockchain without really being aware of it

Will blockchain transform our habits?

Not necessarily. Obviously blockchain will make our transactions more secure and reassure users, speeding up Monaco’s digital transition. Take STO (Security Token Offerings) transactions, for instance. In these cases, the level of security that blockchain provides is a game-changer. However, these changes will not be visible on a day-to-day basis. We will use blockchain without really being aware of it.

Can we say that Monaco is ahead of its competitors?

I don’t think a competitive mindset is very useful. Each country must use blockchain according to its possibilities, but above all according to its needs. In Monaco, we will use it when necessary, and never excessively.