While the people of Scotland, Catalonia and Veneto are fighting governments to become their own sovereign nation, others are more focused on claiming power over their financial future. New national virtual currencies are springing up in countries where there is a strong independence movement or a move away from central authority. The adoption of these alternative currencies is a solid vote of no confidence in their government and the economy they are currently stuck with.
Earlier this week, residents and businesses of Israel began using Isracoins. The currency’s six developers created the currency with the intent of fighting the concentration of power in the Israeli economy. Currently, only 20 families control most of the industries in the country, while just five banks control 93% of banking assets.
The creators of Isracoin pre-mined approximately 10% and distributed them to fuel use of the digital money. The hope is that the new virtual currency will allow residents and businesses to circumvent the banks and government, putting control of their lives and finances back into their hands.
And the Isracoin isn’t the first of its kind.
In early March, citizens of Iceland began using the Auroracoin. The virtual currency was created in response to the country’s strict limitations on capital that prohibit citizens from exchanging their currency for dollars or euros or even purchasing virtual currencies outside of Iceland like Bitcoin. The government implemented these “temporary” laws following the collapse of the krone in 2008, but has done nothing to lift them. As a result, foreign investment in Iceland has nearly vanished.
In Scotland, venture capitalist Derek Nisbet has started a project for the Scotcoin, offering 1,000 Scotcoins to every adult resident of Scotland and more to businesses, charities and start-ups. His goal is to empower the Scottish people with an alternative digital currency in the face of Scotland’s uncertain future.
Other national currencies in circulation include: Spain’s Spaincoin, Ireland’s Gaelcoin, Cyprus’s Aphroditecoin and the independent Lakota’s Mazacoin.
The new national virtual currencies are empowering people to step away from banks and end their dependency on a government-controlled fiat currency.
Regardless of whether you believe Bitcoin and the other cryptocurrencies are viable monetary vehicles, they are now a part of economic future of the world. It is interesting that some of the first takers within this movement are those fighting to secure their own.