Greek Island to Trial Gold-Backed Digital Currency Alternative to the Euro

The mayor of the Greek island of Angistri has agreed to a trial of the digital currency Nautiluscoin as a way to attract tourists.

Brian Kelly, the founder of Nautiluscoin, published an article on CNBC on July 8 announcing the news that mayor Ioannis Athanasiou had given his support to the plan.

Angistri is a 13.3 square kilometer island near the Greek port of Piraeus, and a population of 1,142 inhabitants. 

To explain the difference between Nautiluscoin and other digital currencies such as Bitcoin, Kelly described how a central ‘Nautiluscoin Stability Fund’ plans to keep the majority of the coins itself, only selling them when demand has risen:

“[T]he Nautiluscoin Stability Fund will initially retain a majority ownership stake in Nautiluscoin. As the monetary ecosystem grows, these coins will be sold to meet demand. The goal of this program will be to provide a countercyclical monetary policy that will foster an environment that allows for steady growth in purchasing power.”

Brian Kelly, the founder of Nautiluscoin

The cryptocurrency is attempting to tap into fears among tourists visiting Greece that the emptying of ATMs and suspension of most international

Read more ... source: Cointelegraph