Israel Reveals New Virtual Currency

//Israel Reveals New Virtual Currency

Israel Reveals New Virtual Currency

By | 2014-03-29T05:21:11+00:00 March 29th, 2014|Business|0 Comments

Move over Bitcoin.

Israel’s Channel 2 reports that the beloved Shekel may soon be a thing of the past,
with the introduction of a new virtual currency named Isracoin,
set to become available in Israel on Wednesday. Haaretz notes the currency is very similar to that of the Icelandic Aurora, 31.8 of which were handed out to every registered Icelandic resident last Monday.

Developed by six members of the 2011 social
protest movement, Isracoin was created as a means of
countering the concentration of economic power in Israel.

The company’s website
outlines two phases of distribution, the first being the distribution of 500 Isracoins
to up to 50,000 business that choose to adopt the new tender.

The second phase,
commencing one month after the first, will allow up to 2,850,000 verified
Israeli citizens to being using the budding currency.

Isracoin developers plan to release 480 million of 4.8 billion Isracoin’s (ten percent) once it becomes a recognized currency next week.

Although new to Israel, virtual currency
has become recognized as tender internationally. Iceland, Spain, and Cyprus have
all adopted such means in recent years, and with Bitcoin being the most talked about ventures in tech in recent time, it seems digital currency is here to stay.