What happens when a coding patriot wants to fight the government’s capital controls?In Iceland, you can find the best answer from a programmer named Baldur Friggjar Odinsson. In his attempt to free the citizens from political intervention into the already corrupt financial system, he has created something which will hopefully redefine the entire currency system of Iceland.
It’s called Auroracoin.
Aurouracoin (AUR) is designed to work just like bitcoin. And according to the latest estimates, it has already gained enough popularity to support a $828 million market cap. Auroracoin is currently trading at $78.16 a coin. It is estimated that at the time of launch, an amount of 21 million AUR will be made available to the Icelandic population. Iceland’s government ID numbers will ensure citizens are able to claim their AUR coins. Odinsson’s idea is an avant-garde attempt to remove the shackles of capital controls imposed on Iceland’s citizens. Odinsson believes that the politically powerful-who currently control the financial system must be evicted. He plans to bring the power back to the people from the politicians. He sees a ray of hope in the latest cryptocurrency which will let Icelandic citizens have the freedom to manage their assets in whatever way they want.
According to the plans, the alternative to bitcoin will be “airdropped” and 31.8 coins is estimated to go to every citizen of Iceland. This will happen in twenty-one days. Currently, the population of Iceland is around 320,000 and all of them are going to get 31.8 coins at launch.
Odinsson has to say this about the reason of launching a cryptocurrency in Iceland. “Giving people Auroracoin is a way of introducing the nation to cryptocurrencies, currencies that can’t be controlled by politicians and central bankers. This is an attempt to bootstrap a network effect. The government will not be able to control how people use their money if the people choose to use Auroracoin rather than the króna.”
Odinsson said that there are strict capital controls in Iceland. People are not permitted to exchange the national currency, króna, for foreign exchange freely. So the people can’t go and buy bitcoins whenever they wish. It is only possible if you find someone nice enough and ready to exchange bitcoins for króna under the table.
Sadly, however, the Icelandic banks and politicians are all calling this another new sham. Odinsson doesn’t care for that. He knows that he has tough tasks ahead. If the citizens deny using his currency, he has nothing to lose. But if they accept it, there will be a much needed change put in place in Iceland.
That is heroic. And that is patriotic too. Good Luck Odinsson!
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