The people of Iceland are being sacrificed at the altar of a flawed financial system, controlled by an elite that made astronomical bets supported by the government on behalf of the people and ultimately at the expense of the people," the Auroracoin manifesto says.
The idea of using digital money to bolster local economies is gaining momentum. Auroracoin is based on Litecoin, a variant of the Bitcoin protocol for a cryptographic currency that can function without a government. Scotland is also offering 1,000 Scotcoins, a digital currency founded by a venture capitalist, to each of its citizens. Greececoin alsolaunched this week. Meanwhile, the American Lakota tribes have made Mazacoin their official digital currency.
Icelanders can now each claim $400 worth of Auroracoin, the country's new digital currency | The Verge