Iceland Residents Get a New Litecoin-Inspired Digital Currency

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Iceland Residents Get a New Litecoin-Inspired Digital Currency
Iceland Residents Get a New Litecoin-Inspired Digital Currency

Iceland Residents Get a New Litecoin-Inspired Digital Currency

A Robin Hood like entrepreneur from Ireland has started to give Ireland residents a new crypto-currency amidst the falling value of the country’s national Krona Currency. Read more about this new Litecoin-inspired currency in this report by Jonathan Millet.

Amidst a crippled Iceland economy, a local entrepreneur has decided to distribute a new kind of crypto-currency to the country’s residents. The new currency is Auroracoin, which is said to be inspired from Litecoin, and is aimed at distributing among Iceland citizens hope to save the country’s economy.

The Icelandic entrepreneur Friggjar Odinsson Baldur believes in helping his country regain control of the finance system by distributing Auroracoin to over 330,000 citizens of Iceland. He is likely to distribute the crypto-currency on 25th March 2014. According to reliable reports, the Robin Hood like entrepreneur is likely to provide each person with a total of 31.8 Auroracoins. He will deliver virtual money through a scheme similar to that of Apple Airdrop. Icelanders may claim to verify their identity with their national identification number, which already exists in a public database.

“What I try to strengthen is Iceland’s finance system so that everyone has a chance to verify their identity and get their share of Auroracoins. For most of the people, it will be as simple as logging to Facebook. People will have one year to claim their money,” said Baldur Odinsson.

Odinsson strongly believes that the criptodivisas can end the unholy alliance between governments and financial institutions, and can bring back the power of the people that has been hijacked by the politicians’ foolish policies.

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Iceland’s economy continues to lag behind after the financial debacle of 2008, when the greed of bankers almost bankrupted the Nordic country. The banking system collapsed, followed by the capital’s withdrawal by British and Dutch investors, eventually collapsing the Icelandic krona. The country managed to avoid bankruptcy but entered a recession which is just beginning to recover. Currently, any foreign currency obtained must be submitted to the Central Bank of Iceland. People cannot make international free trade or invest in foreign business. Furthermore, foreign investors are reluctant to put their money in Icelandic companies, damaging economic growth.

“I started thinking of a way to break the cycle, and I concluded that we had to democratize the money in Iceland,” said Odinsson. “It has to be separated from the corrupt banks and government. So I asked myself, what if everyone gets virtual money and can use it, discard or more laps do anything with it?”

Unconventionally, the new currency will not have to be tech-savvy and have specialized hardware to mine, as said by Baldur. Similarly, the Icelandic is encouraging developers to create software tools like electronic payments and electronic portfolios for the new currency, while exchange bureaus are urging the world to accept the Nordic criptodivisa.

“People test the system, send coins and use them for fun and might gradually start earning value. Speculate and may be as Auroracoin will, at some point, acquire monetary value”, expects Odinsson.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com