Auroracoin , an Icelandic cryptocurrency , has nearly doubled in price over the fresh round of scandals revealed in the Panama Papers. CoinTelegraph spoke with developers behind three regionally-centric cryptocurrencies (Auroracoin, Sterlingcoin , and Scotcoin) about their vision for modern currency designed for their respective peoples. Dissatisfaction with financial system
Cryptocurrencies created for a specific people can save them from the central banking system.
Recent scandals unearthed by the Panama Papers leak demonstrate corruption and hypocrisy from public officials, as well as a banking and governance system that serves the 1% at the expense of the poor and leaves the rest at a disadvantage . This has led the citizens of many countries to feel disenfranchised, even prompting a prime minister turnover in Iceland .
Dissatisfaction with the way financial systems have been handled, as well as a simple desire to create something of value for a people, has given rise to a number of cryptocurrencies designed for a specific people.
Most notable of these is Auroracoin, an Icelandic cryptocurrency created a few years after the county’s first great banking scandal, and has nearly doubled in price over the fresh round of scandals revealed in the Panama Papers. Giving cryptocurrency a local flavor
A goal in creating a regional coin, according to lead Scotcoin developer Derek Nisbet, is to make the concept of cryptocurrency palatable at a local level. “While Bitcoin and other leading cryptos are a true innovation for the global community , my feeling is that there are massive opportunities for ‘local’ cryptocurrencies, which directly impact and assist a community within smaller geographic areas. I don’t see any reason why every local community could not have their own ‘local’ crypto, trading with BTC, Scotcoin & others, in the future.” Steven Saxton, developer of Sterlingcoin , believes that a cultural branding […]
