Perhaps a blockchain-based parallel currency could render a solution to the Greek crisis together with hold out an choice for Greece, Forbes reports. Lee Gibson-Grant, founder of U.K.-based digital currency consultancy Coinstructors, late met amongst the Mayor of Agistri, an isle inwards Saronic Gulf amongst a population of to a greater extent than or less a grand people. The Mayor has agreed to firstly testing blockchain applied scientific discipline solutions inwards the island.
The unmarried ATM on Agistri ran out money terminal week.
The projection is related to the Drachmae projection covered past times Bitcon Magazine inwards May. Proposed past times CNBC contributor Brian Kelly, the writer of “The Bitcoin Big Bang: How Alternative Currencies Are About to Change the World,” Drachmae is intended equally a quick together with uncomplicated bitcoin-like solution for Greece’s troubled economy.
Kelly provides to a greater extent than exceptional inwards a CNBC post service titled “Greek isle agrees to exam digital currency.” He is persuaded that the applied scientific discipline behind bitcoin tin hold out used to practise a shop of value that is independent of the traditional banking system.
“The digital currency I created terminal year, Nautiluscoin, was designed to tackle this specific task,” says Kelly.“ We tin forthwith offering Hellenic Republic a digital currency that is backed past times gilded together with is integrated into a mobile-banking platform.
The Mayor of Agistri has agreed to permit the isle to hold out a airplane pilot programme for a novel monetary ecosystem, which volition purpose Nautiluscoin. Over the coming weeks, the infrastructure for this projection volition hold out rolled out together with the citizens of Agistri volition have Nautiluscoin to start transacting.
Nautiluscoin volition hold out backed past times gold, which, according to Kelly, is nonetheless the almost trusted independent shape of money. Coinstructors, a partner inwards the project, developed drachmae.money together with Dracmae Connect to practise a transaction system. The organisation volition accuse a fee for each Nautiluscoin transaction, together with the fees volition hold out used to buy gilded for a “Nautiluscoin Stability Fund.”
That may audio a flake round down together with chaotic, but in all likelihood the projection developers haven’t had the fourth dimension to fully exceptional the machinery of the proposed monetary system. At the fourth dimension of writing, the drachmae.money website nonetheless has a “Lorem ipsum…” placeholder for yet-to-be-written text.
“Using gilded to dorsum Nautiluscoin should laissez passer on both tourists together with merchants assurance that a digital currency is to a greater extent than than only lines of reckoner code,” says Kelly. “A digital currency similar Nautiluscoin tin hold out chop-chop deployed to kick-start the tourism industry. We cause got already begun to implement this programme together with approximate that it volition cause got lx to xc days to fully execute.”
Local businesses tin practise a loyalty programme via Drachmae Connect, which enables tourists to mass hotels together with other services at a discount. While Agistri is a exam case, the inaugural could hold out applied throughout Greece, together with Gibson-Grant is persuaded that a parallel digital currency would hold out an ideal solution for the nation. “A digital currency over the blockchain would hold out ideal correct forthwith for Hellenic Republic together with tourists,” he said.
Kelly notes that the projection is inspired past times the highly successful WIR Bank that manages together with issues the mortal currency WIR franc inwards Switzerland. The WIR Bank was established past times ii Swiss businessmen inwards 1934 inwards reply to a failing economic scheme together with currency shortages.