Greek island creates digital currency to ease economic woes

The Greek island of Angistri in the Saronic Gulf, which has just over 1100 inhabitants, is dealing with the economic crisis by introducing digital currency.

Greek island trials digital currency.

Greek island trials digital currency. Image by Trine Juel / CC BY 2.0

At the height of the crisis this summer, Angistri’s only ATM soon ran out of cash, and the locals had to take a boat to the mainland to withdraw their daily, then weekly limit. The island authorities decided to take part in a pilot cryptocurrency programme called Nautiluscoin. This digital currency was created by Brian Kelly and it helps individuals and businesses make transactions without using traditional currency. Read more:

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