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With the turmoil surround the situation that is developing in Greece, many are looking towards Bitcoin as a potential long-term solution to solving the problem as well as set a precedent if similar situations erupt.
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DNotes Alan Yong describes the situation as grave, with the potential for the situation to increase in severity.
“This is a very sad and tragic situation. The rich may end up losing a vacation home in a foreign country but many of the less fortunate are at risk of losing their entire life savings, while being too old to rebuild their nest egg. It is even more depressing when no viable political solutions exist to give Greece’s citizens any hope of rebuilding their financial future” – Alan Yong, tech Entrepreneur and Co-Founder of DNotes”
With no easy way out, the situation continues to worsen, with current unemployment rates in the high 20’s, and youth unemployment being over 50 percent. Greece’s situation has the potential to spiral out of control, in becoming one of the worst depressions we have seen in a while.
“Greeks have seen their living standards cut, unemployment is running at 26 percent, youth unemployment is over 50 percent and they’re about to face an even bigger depression.”
With traditional solutions and methods not working, it seems a more unorthodox approach may be required. A currency that can’t be devalued, and is a stable exchange for all users. A currency that doesn’t lose confidence due to capital controls issued upon it. A currency that is built from trust and integrity.
“What Greece needs, is to adopt a global digital currency that is built with trust and integrity for everybody worldwide, so that anyone may participate regardless of financial or economic standing. If Greece chooses to return to a national currency like the drachma, or government backed digital currency, it is unlikely that currency would have much value outside of Greece. Greek citizens will fear that the new currency will be worth much less than their current euro deposits, and this will be counter-productive to preventing further bank runs. I believe that a digital currency that has its value set globally is the solution; a currency that remains stable regardless of local political turmoil.DNotes is that currency.”
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Originally posted on: DNotes Alan Yong Comments Regarding Greece; Needs A Global Currency