Isracoin Virtual Currency Launched in Israel

Last week saw the launch of Israel’s first digital currency, Isracoin. The currency was launched by a total of six developers, all of who have been involved in some way with social protest activities in the past.

The country’s first virtual currency was developed by six individuals and is to be handed out to Israeli businesses in order to kick-start the project.

The idea behind Isracoin is to address perceived problems with the Israeli banking system. On their website the developers write that the country’s banking system “is rife with interest over-charging on credit, low interest on deposits and high fees and charges for no apparent reason. The public has no choice but to endure this, while the cost of living skyrockets.”

The Isracoin is based on script and is 10% pre-mined. The pre-mined coins are being given to Israeli businesses on May 6th at midnight and to individuals in the general population on June 6th.

The developers behind the currency have said that the first 50,000 businesses to express interest will each receive 500 Isracoins. There will also be an “airdrop” of 100 coins per Israeli citizen “who is able to identify himself to the satisfaction of the system”. The coins will be given to up to 2,850,000 people, around 50% of those above the age of 17 in Israel.