Over 10 million auroracoins—Iceland’s new national e-currency—will be made available to citizens of Iceland in a so-called Airdrop at midnight tonight. Each citizen’s share of auroracoin is currently worth around USD 380.
The developers are hoping the currency will herald a financial revolution, the International Business Times reports.
Baldur Friggjar Óðinsson, the developer behind auroracoin, said a distrust of the government and bankers following the financial collapse in 2008 led to the creation. Baldur said that he believed that government capital restrictions imposed following the collapse of its banking sector in 2008 are not working. However, for the new system to work, retailers, he says, still need to get on board and develop ways to accept the currency.
Iceland’s Central Bank has warned against the use of auroracoin, stating that e-currencies are not centrally controlled or officially monitored.