Cryptocurrency program to be tested in a Greek island

Greece has been under the weather for a long time but Agistri, a small Greek island widely considered to be a tourist haven, has been one of the hardest hit.

To seek out a way to survive in this harsh time, and to keep the economy running, the policymakers have now fallen back on the magic of cryptocurrency to pull Agistri out of the crisis. The authorities have put a seal of approval to pilot a new cryptocurrency called “Nautiluscoin” with the hope that it would help pull the fragile economy on track.

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This virtual currency was initially made to help people who wished to make transactions out of the traditional banking system. Considering the economic situation that Greece is in, it is likely that the Greeks will be willing to try Nautiluscoin.

The citizens will be able to do transactions via Drachmae.Money and the users will have to pay a specified fee to use the service.  All the fees will then be collected by the Nautiluscoin Stability Fund, which would use it to buy gold so as to back the currency.

While the problem that Greek is in, has given people worldwide a reason to worry, yet for many it is the perfect time for the virtual currency to show its prowess.

But does this seem like a far-fetched dream? To be fair, Agistri is not alone in hoping that cryptocurrency will help it sail through in these troubled times. Earlier, when Ecuador was facing economic instability, it too had banked its luck on cryptocurrency, dinero electrónico.

Ecuador’s successful digital currency dinero electrónico is a legal tender and has been the official currency of the state since the year 2000. Today this Ecuadorian currency trades alongside US Dollar and has made a significant and positive impact on the lives of its citizens.

Therefore, Dinero electrónico’s success can certainly give hope to Agistri.

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