🧊 How Iceland Distributed Cryptocurrency to All Citizens — And What Came of It?
In 2014, the cryptocurrency Auroracoin appeared in Iceland, created by an anonymous developer under the pseudonym Baldur Friggjar Óðinsson. The project's goal was ambitious: to bypass currency restrictions imposed after the financial crisis of 2008 and to offer an alternative to the Icelandic króna.
The uniqueness of Auroracoin was that 50% of all coins (approximately 10.5 million AUR) were distributed for free among 330,000 citizens of Iceland through a national database. Each resident received 31.8 AUR.
Initially, the project generated significant interest, and Auroracoin even made it into the top three cryptocurrencies by market capitalization. However, it later faced criticism from politicians who considered it a potential tax evasion scheme. Furthermore, the lack of real use and support led to a decline in trust and the value of the coin.
This story became the first example in history of a national "crypto-airdrop" — the mass distribution of cryptocurrency among the population. It demonstrates how even the best ideas can collide with the realities of economics and politics.
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