New E-Currency Made For Iceland To Debut Soon - The Reykjavik Grapevine

New E-Currency Made For Iceland To Debut Soon

Published February 7, 2014

A new cryptocurrency, Auroracoin, is set to debut in March, and everyone in Iceland will reportedly get their share.
According to the creator’s home page, the new currency is based on LiteCoin, and will arrive on March 25, 50% pre-mined.
The creators promise that every person in Iceland will receive 31.8 Auroracoins each, with further details on how this money will be distributed to be given soon. The National Registry, an open database of all registered residents in Iceland, will be used to contact people for receiving their Auroracoins.
In terms of why Iceland in particular needs its own cryptocurrency, the creators cite the inflation of the króna, currency controls, and the almost total ubiquity of internet use and smart phone or tablet use amongst Icelanders. At the same time, the problems that Auroracoin is supposed to avoid are not necessarily particular to Iceland.
“Of course, the Icelandic financial system was and is fundamentally no different from the financial system in other western countries,” the extended statement on the home page reads in part. “The basic premise of the banking system of the world is the unethical marriage of governments and banks. This unholy alliance is in control of the fiat currencies that people are forced to use in their daily lives. The banks, in effect nothing more than an extension of the government, issue money to fund themselves.”
Auroracoin creators are optimistic about the future value of the currency, saying, “The prospect of the adoption of Auroracoin in Iceland is likely to create a price and value for auroracoins before the [Aurocoin distribution] Airdrop. A higher price may in turn increase the likelihood of the successful adoption and use of Auroracoin by at least a part of the Icelandic population.”

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