Central Bank Warns Against Auroracoin - The Reykjavik Grapevine

Central Bank Warns Against Auroracoin

Published March 25, 2014

Nanna Árnadóttir
Photos by
Natsha Nandabhiwat

The Central Bank of Iceland has warned consumers against using new Icelandic cryptocurrency Auroracoin, DV reports.
The creators promise that every person in Iceland will receive 31.8 Auroracoins each on March 25th.

With 5 days to go until Auroracoin launch their digital currency, the Central Bank issued this statement.

“Neither Auroracoin or Bitcoin are legal tender according to Icelandic law. It is worth remembering that in this country only the central bank has the right to mint money or issue currency which can be used to intermediate the exchange of goods and services, as stated in paragraph 1, article 5 of law number 36/2001.”

The Central Bank goes on to emphasise that e-currencies are not centrally controlled or officially monitored. Their price depends on supply and demand meaning their value fluctuates greatly.

Further Reading
New E-Currency Made For Iceland To Debut Soon 

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