As Grexit Looms, Greek Island Begins Testing Blockchain-Based Parallel Currency


Perhaps a blockchain-based parallel currency could provide a solution to the Greek crisis and be an alternative for Greece, Forbes reports. Lee Gibson-Grant, founder of U.K.-based digital currency consultancy Coinstructors, recently met with the Mayor of Agistri, an island in Saronic Gulf with a population of around a thousand people. The Mayor has agreed to start testing blockchain technology solutions in the island.

The single ATM on Agistri ran out money last week.

The project is related to the Drachmae project covered by Bitcon Magazine in May. Proposed by CNBC contributor Brian Kelly, the author of “The Bitcoin Big Bang: How Alternative Currencies Are About to Change the World,” Drachmae is intended as a quick and simple bitcoin-like solution for Greece’s troubled economy.

Kelly provides more detail in a CNBC post titled “Greek island agrees to test digital currency.” He is persuaded that the technology behind bitcoin can be used to create a store of value that is independent of the traditional banking system.

“The digital currency I created last year, Nautiluscoin, was designed to tackle this specific task,” says Kelly.“ We can now

Read more ... source: TheBitcoinNews