New Details Emerge About Greek Plan for Parallel Payment System and Varoufakis’ Resignation


Earlier in July, Bitcoin Magazine reported that former Greek finance minister Yanis Varoufakis, who resigned after the Greek referendum on July 5, expressed his disappointment with the outcome of the Greek crisis.

Now Kathimerini, a New York Times-branded daily newspaper published in Athens and distributed with the International New York Times in Greece and Cyprus, reveals that Varoufakis was authorized by Greece’s Prime Minister Alexis Tsipras last December to look into a parallel payment system that could eventually work as a parallel banking system.

Before becoming Finance Minister, Varoufakis proposed a parallel IOU-based currency, dubbed Future Tax Coin (FT-Coin), similar to a cryptocurrency in some aspects. Varoufakis is not impressed by bitcoin as a currency, but he is persuaded that its underlying technology could be put to effective use in troubled economies.

In a teleconference call with international financial operators, Varoufakis claimed to have been given the OK by Tsipras to plan a payment system that could operate in euros but which could be changed into drachmas “overnight” if necessary, according to Kathimerini ‘s interpretation. Kathimerini obtained a transcript of the call, which took place on July 16,

Read more ... source: TheBitcoinNews