Liberstad is a private city with a certain autonomy, however it is not a state and must be governed by the Norwegian laws

According to a press release issued by the Norwegian city of Liberstad, on February 12th, it was known that its entire economy will be based on cryptoactives. For this reason, the private city decided to create its own cryptocurrency.

Through a press release issued by the city authorities, it is estimated that this city will use a cryptocurrency as the official currency and main method of payment for the acquisition of goods, payment of taxes and services. Additionally, it will be the main financial mechanism for municipal buildings.

Liberstad is a private city that stands on its own. It was originally founded in 2017 and was institutionalized through the result of the Libertania project (project with foundations focused on freedom and nonviolence). Unlike other cities in other countries, this is a property because it belongs to private organizations and particular individuals.

In the main case of this city, which is located in the south of Norway, it self-supplies everything it needs; it also manages its own public services. Among the main association which administers the city is Liberstad Drift Association, whose Head, John Toralf Holmesland, comments that this idea is based on the constituted principles of freedom. “We want a society where people decide for themselves and can live together without government authorities. We want a society without government coercion, blackmail, vigilance or unnecessary violence”, Toralf concluded.

The official cryptocurrency created by the city for its economy will be called City Coin, (CITY). According to its developers, the central intention, this is, to achieve a correct economic flow, is to exchange currencies towards other cryptocurrencies or fiduciary money, for this reason the Liberstad Block Exchange platform was created, in order to also ensure the complete sustainability of the city.

In another sense, a report explained that the climatic conditions where the city is located are beneficial for digital mining. In addition, some people in the city have even developed projects to promote mining activity.

In the information portal about the new cryptocurrency, it is reported that a single official exchange house was established and that, due to the novelty of the tool, a quotation of US $ 0.12 per unit was arbitrarily fixed. Jointly, this will set the rate at which the minimum hourly wage of the workers would be calculated.

The Blockchain of City Coin

The blockchain platform that the city will use for the operation of its cryptocurrency is called City Chain. According to the creators of the cryptoactive this will access “the design, implementation, and use of next generation services for smart cities and their habitants” and will be used mainly for the municipal registry of properties, registration of documents, insurance, and notaries.

A web system was also set up that will have an interface named as City Hub, which will be a tool that will facilitate the necessary processes in the digital wallets of the users.

By María Victoria Rodríguez


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