Greece was locked in tough negotiations with the Troika comprising of International Monetary Fund, Eurozone nations and European Central Bank regarding the country’s debts for months now. As the new deal comes into effect in the next few days, the future of Nautiluscoin now hangs in balance.
Created last year by Brian Kelly – founder and managing member of a global macro investment firm Brian Kelly Capital LLC, Nautiluscoin was well on its way to become the official digital currency of Agistri, a Greek island. The mayor of Agistri had agreed to have Nautiluscoin as an alternative monetary ecosystem in the region. If everything goes as planned for Nautiluscoin, the residents of Agistri will soon be receiving Nautiluscoin and the necessary infrastructure will be set up for them to start transacting with the new digital currency.
With the value backed by gold, Nautiluscoin was originally designed to be a stable digital currency whose value is stabilized unlike bitcoin and other cryptocurrencies by a stability fund. There is no better commodity than gold to be the stability fund which can be related to the central bank of a country in conventional terms.
The concept was introduced with the intention of creating a countercyclical monetary policy which allows for a steady increase of purchasing power. The promoters of Nautiluscoin are partnering with the creators of Drachmae.Money — Coinstructors, a UK based firm to facilitate transactions. Drachmae.Money will charge a fee for each transaction and the collected fee will be reinvested to increase the gold reserves (Nautilus Stability Fund).
The presence of Nautilus Stability Fund will increase the credibility of Nautiluscoin among Greeks and tourists alike as an independent store of value. Once (if) implemented, transactions with Nautiluscoin can be easily carried out, in a fashion similar to that of bitcoin transactions.
Even though the implementation of Nautiluscoin hangs in balance due to the new bailout package from Greece’s creditors, the country’s economy is still troubled and will remain so for a long time. Nautiluscoin still has a fair chance to improve the country’s economy by providing a stable ecosystem that can work hand-in-hand with the existing one.
READ MORE: Greece Gets Its First 2-Way Bitcoin ATM
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