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Agistri island tests the waters, starts using parallel currency

Drachma Project: Agistri becomes the first Greek test case in using a parallel currency

The Mayor of Agistri has agreed to allow testing of the Blockchain technology on the Saronic island. Local businesses can use the parallel currency when creating loyalty programs for tourists to book hotels and other services at discount rates.

The island is being used as a test case for the parallel digital currency, however if successful, there is no reason why it couldn’t be applied throughout Greece, says Lee Gibson-Grant who manages the UK-based digital currency consultancy Coinstructors.

The program was made more urgent following capital controls imposed on Greek banks. Gibson-Grant himself was forced to wait in long lines at ATMs to withdraw money. He says: “I would suggest to the Greek tourist industry that they study the tried and tested benefits of M-Pesa, a mobile-phone based money transfer and micro-financing service, and create a network that supports an asset-backed currency.”

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