The launch of Auroracoin has begun

On 25 March Took place the launch of new digital currency Auroracoin (AUR), established in Iceland. Last Saturday, as planned, began distribution coins for all 330000 citizens of Iceland. That’s about 31.8 Auroracoins per person. Icelanders can redeem the coins by logging into Facebook through a gateway and providing their Icelandic ID number, or by sending an SMS which can be matched with their national ID. On the first day were distributed to 198.336, 6 coins. Sometime after the start of distribution official website Auroracoin was unavailable, perhaps due to the influx of visitors.

Auroracoin was launched by a pseudonymous person using the name Baldur Friggjar Odinsson. The goal is to decentralize power and revive Iceland’s local economy, given that the kroner has fallen dramatically in value in recent years. Iceland was hard hit by the 2008 global financial crisis and is still recovering. The Auroracoin manifesto says:

«The people of Iceland are being sacrificed at the altar of a flawed financial system, controlled by an elite that made astronomical bets supported by the government on behalf of the people and ultimately at the expense of the people».

Auroracoin was still the fourth-largest digital currency by market cap, but this figure had declined more than 45% over the one-day period. Many investors have been seeking to cash in Auroracoins. Now the rate continues to fall.

The example of Icelandic digital currency decided to follow other countries. National digital currencies have already appeared in Spain (Spaincoin), Greece (Greececoin), Germany (Germanycoin), Poland (Polishcoin), Cyprus (Aproditecoin) and Ukraine (Ukrainecoin).

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