New government-free city in Norway will have its own cryptocurrency

17 Feb, 2019 | Updated: 17 Feb, 2019
by Fifi Arisandi
Adoption
New government-free city in Norway will have its own cryptocurrency

The first "free from government" city, Liberstad in the world issues its own native currency, which will be the only medium of exchange in the city. 

A new city in Norway that’s built on the “freedom from government” concept, Liberstad announced the issuance of its own cryptocurrency.

Named City Coin, it uses City Chain, a blockchain-based smart city platform for its design and implementation.

It is based on proof-of-stake algorithm and will be the only medium of exchange acceptable in Liberstad. Like in any other “regular” cities in the world, inhabitants will be able to use it to pay for anything, from haircuts to buying eggs or a loaf of bread.

According to the press release, City Hub, a dashboard that gives Libertad’s inhabitants easy access to all the city’s facilities will also be developed moving forward.

While the City Hub is not yet available for use as of now, the City Coin is already available for trading on Liberstad’s block exchange, as well as on peer-to-peer and business-to-business exchanges.

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