Could Iceland Embrace Crypto Before Anyone Else?
It has been a rough decade for Iceland. Between the crash of three major banks to the prime minister’s resignation over corruption revealed by the Panama Papers, the insular island nation has experienced a heavy dose of failure in its most essential systems of governance. This curse, however, could turn into a blessing, as Iceland is uniquely positioned to take full advantage of cryptocurrency like no other nation. collapse and prompting the heads of said banks to be jailed. In the country where common folks were forced to still use the failing króna and you need a permission to buy....
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Cryptocurrency mining is among several energy-intensive industries hurt by a power deficit in Iceland. The country’s main utility is now rejecting requests to connect new coin minting facilities to the grid, after cutting supply to aluminum smelters and fish factories. Iceland Turns Away New Crypto Miners to Deal With Lack of Energy Iceland’s largest utility, Landsvirkjun, has been forced to limit energy supplies to power-hungry industrial customers including aluminum producers and fish processing plants. The restrictions have been applied to consumers with curtailable....
Resurgent regional cryptocurrency Auroracoin debuted Iceland’s first-ever cryptocurrency exchange, ISX, allowing the people of Iceland to trade Auroracoin and krona. This week, the Auroracoin Foundation debuted ISX.is, Iceland’s first cryptocurrency exchange. ISX allows the citizens of Iceland to trade króna for cryptocurrency, in this case Auroracoin. Amid a renewed set of financial scandals in Iceland exposed by the Panama Papers, Auroracoin has made a comeback. For the last year, the Auroracoin Foundation has made significant adoption pushes including a brand awareness advertising....
A team of Icelandic cryptocurrency enthusiasts is gearing up to launch an altcoin designed specifically for the population of Iceland. Auroracoin is a litecoin-based digital currency, 50% of which is pre-mined. This is where it gets interesting: the pre-mined coins will be distributed to the entire populace of Iceland starting on 25th March. Each one of the country's 330,000 citizens will receive 31.8 auroracoins. Why Iceland? Iceland's banking sector does not have a very good track record, and this appears to be the driving factor behind auroracoin. The team cites the government's use of....
The financial crisis of 2008 bankrupted the tiny country of Iceland, and a few years later a digital currency called Auroracoin was released to all residents as a way to change how they approached money. Many saw it as potentially becoming the first national digital currency, but it never reached its full potential. Now, renewed interest in Auroracoin is putting it back into the minds of those in the crypto world. The financial crisis of 2008 led us into what has been called “the Great Recession.” The crisis was felt worldwide, including by the small, but beautiful country of Iceland....
Auroracoin, dubbed 'a cryptocurrency for Iceland', has reached 10% of its total 'Airdrop' distribution goal. Although news about the digital currency has been quiet since its nationwide dissemination, the project will soon launch a gateway that will better integrate with the country's ID system in order to streamline the process via which Icelandic residents obtain auroracoin. Furthermore, recent developers suggest that the altcoin is quietly increasing awareness about Icelandic monetary policy, and generating new discussions about the role digital currencies can play in the country's....