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The Greek crisis and Grexit's prospect – the exit of Greece from the Eurozone and perhaps also from the European Union – continue to make news. The government of Alexis Tsipras and his skeptical and anti-establishment party, Syriza, are trying to negotiate solutions for Greece's troubled economy that will keep the country in the EU. and the Eurozone, but the worst solution – Grexit – continues to be seen as an alternative perhaps unavoidable option.
Greek Finance Minister Yanis Varoufakis wrote a blog post in February proposing a currency based on the similar IOU, which he dubbed Future Tax Coin (FT-Coin). Varoufakis is not impressed by bitcoin as a currency, but he is convinced that its core technology can be used effectively in troubled economies.
"[T]Bitcoin technology, if properly adapted, can be profitably used in the eurozone as a weapon against deflation and a means of providing much needed room for maneuver to the Eurozone Member States under fiscal stress, "Varoufakis said. His post explained in detail how Greece could create a FT-Coin payment system with an algorithm similar to Bitcoin to make it transparent, efficient and cost-free.
Recently, CNBC contributor Brian Kelly, the author of "The Bitcoin Big Bang: how alternative currencies are going to change the world", He proposed a similar solution to bitcoin for Greece's turbulent economy, Kelly notes that Greece could remain in the Eurozone and start repaying its debt, but for this it needs a method to monetize its properties. owned by the state while retaining ownership Kelly is persuaded that a digital currency based on blockchain technology could provide the solution.
Now, one of the most prestigious financial news sites analyzes whether the creation of an alternative currency could help solve Greece's financial problems. "Could a parallel coin help save Greece from drowning?" Asks Peter Coy Bloomberg Business. Coy reports that even German finance minister Wolfgang Schaeuble has said that Greece may need a parallel currency if talks with creditors fail, according to sources close to Schaeuble's point of view.
"A version of the idea calls the second currency a TAN, for the tax advance note, another calls it grec, for the reimbursement of the government exchange.There is also the TCC, for the credit certificate tax, "notes Coy, and adds a mention of Varoufakis' proposal on the FT currency," where FT stands for future taxes and coins refer to bitcoins ".
The common idea is to free the euro to pay off foreign debts and to squeeze economic growth by spreading more money across the country. Money would be a bill issued by the Greek government that could be passed from one person to another.
"The government could print a series of new currencies (or create electronic accounting entries if the currency is virtual) and spend it on any government purchase, including the salaries of civil servants," Coy says. "In theory, people would be willing to accept the money because they could be used to pay taxes." The Bloomberg article outlines the conflicting reactions of major economists, ranging from enthusiasm to strong skepticism. Particularly interesting is the observation of Robert Parenteau, owner of the economic and investment advice MacroStrategy Edge, who wrote of the TAN as an electronic parallel currency and advised the Greek government in collaboration with the economist Jamie Galbraith, who worked closely with Varoufakis.
"Perhaps the idea will take root in Spain or Italy," said Parenteau.
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