Can a Bitcoin-style virtual currency solve the Greek financial crisis?

The new finance minister of Greece outlined in a detailed blog post, how a Bitcoin-like virtual currency could be used to get around the ECB’s monopoly on money creation.

Yanis Varoufakis’ article is 12 months old, however, his statement shows that fresh ideas on monetary policies are about to be introduced to central bankers in Europe. Just like Bitcoin, the digital Drachme would be exchangeable one for one with Euros. But it would be issued by the state – and if you were prepared to hold it for two years, you would earn a profit paid for by taxes. For this reason, Varoufakis called it “future-tax coin”.

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