The latest article about Greece’s financial situation addresses the need for the country to generate some inflation by being able to print more money, which they cannot, due to the nature of the Euro-zone. Only the ECB can print Euros. The notion of Greece adopting BTC as a supplemental currency in Greece is novel, but completely unlikely, since you need fiat to purchase it.
Thinking like a typical economist-type, my response to the article was, why do they not start mining cryptos to sell into the markets? They own the electrical utilities. The capital investments necessary for hardware would be a little expensive, but in the long-term, it is a viable method by which a small country can raise additional capital.
Moreover, there is already an example of a country choosing to supplant some of their existing fiat with digital currency, namely Ecuador. Greece can absorb outstanding Euros in Greece by switching to a digital currency system, swapping out balance sheet Euros for completely digital currency Euros. It would have similar effect as printing Euros but also allow for the economy to operate under a closed-loop system of digital currency. Greece’s obligations are stamped in Euro currency, not digital Euros. Creating a new crypto called “D-Euros” could also supplant the existing system for five to ten years, without necessarily leaving the Euro-zone economically.
It is a little more complicated than this, but we all know that all you need is an exchange and a crypto. The government can do a pre-mine, as well as allowing outsiders to purchase and sell E-Euros on the Greek exchange. The value could also be stabilized through the Greek Central Bank. It really would not take much to solve this problem. It is the difference merely of an “external economy” and an “internal economy.”
Maybe we can create a project and test it on Greece… It cannot be any worse than what they already have to go through.