Lee Gibson Grant
Lee Gibson Grant

Crypto-Grentry, not Grexit, for Greece

There is a potential crypto-currency solution to the Greek debt crisis. Lee Gibson Grant, founder of Coinstructors and instigator of the Drachmae project (www.drachmae.com) speaks to William Essex.

First Published: e-Forex Magazine 61 / CryptoCurrencies / July, 2015

William Essex: So tell me how all this began. Lee Gibson Grant: People are trying to create asset tokens over the block-chain; they would be plugged into gold, silver or other assets. I thought about an island: how would you do real estate? How would you tokenise real estate, oil and gas – the island’s reserves? WE: An asset-backed infrastructure via the block-chain? LGG: Yes, the paper* is a set of case scenarios. Nothing technical – just straightforward descriptions of what could be possible. What benefit could there be for someone who buys a token? How could they use the token? How would you know that the island is backing the token?WE: And then you went from a hypothetical island to Greece? LGG: What happened was, I began to have conversations about doing it properly. There are Greek islands that could be bought for EUR 500,000 and added to a basket of assets. We started looking through real-estate websites and got up to EUR 35m for a 1,200-acre island. That was when I contacted...continued

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