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A world in which traditional fiat currencies are ditched and subsequently replaced by cryptocurrencies is nothing short of a utopia for some in the blockchain asset sphere. Whilst we are nowhere near such a visionary dream, a ‘Private City’ in Norway has just announced that is has completely removed the ability to use fiat currency and instead, is now using its own native cryptocurrency as a medium of exchange.

According to UK publication the Express, the self-proclaimed ‘Libertarian City’, or Liberstad as it is now officially known, is now utilizing its own proprietary cryptocurrency which it calls ‘City Coin’. In an interview with a city spokesman, the City Coin runs on it’s very own blockchain protocol called City Chain.

Liberstad

So what exactly is Liberstad?

As per their official website, Liberstad is part of the Libertarian Project, which has the overarching objective of creating private cities. Whilst at first glance this might appear to be reserved for those from the upper side of society, this couldn’t be further from the truth. In fact, Liberstad claim that they are instead looking to attract people that believe in anarchism and non-aggression.

The private city spokesman continued by adding that they seek a government that is free from violence, surveillance and coercion. The Liberstad spokesman that spoke to the Express newspaper stated that they aim to utilize the benefits of the underlying blockchain to help facilitate a smart city platform. Its native City Coin will be the medium of exchange, which willallow its citizens to purchase city services, fund civic projects and pay worker wages.

A Liberstad Building

The spokesman added that


3Commas

“Inhabitants can pay for anything ranging from haircuts, a dozen local eggs or an artisan loaf of bread using CITY, marking a milestone for real-world use of blockchain technology.”

Interestingly, it is claimed that more than 100 land plots have already been sold in the private city.

More plots will be available in the near future and the only payment method accepted will be that of the City Coin. Such a blockchain utopia will no doubt appeal to a significant proportion of cryptocurrency evangelists, especially those that are currently in receipt of high-net worth digital portfolios.

Liberstad make their native City Coin available for purchase

For those that are looking to get hold of some City Coins of their own, the official Liberstad platform even allows users to purchase coins in exchange for other cryptocurrencies. Upon clicking on the platform’s purchase button, it redirects users to CoinPayments, which is a third party alt-coin exchange.

The Liberstad project was founded by John Holmesland and Sondre Bjellås. Upon further scrutiny of the Liberstad platform, the founders state that people from all over the world are welcome to purchase a cabin in the private city. Costings are advertised as $25,000 and $100,000, for 20sqm and 100sqm respectively. However, Liberstad state that further information on cabin sales will be made available within 12-18 months.

Citycoin

The founders also state that once the Liberstad community have built sufficient infrastructure, owners of cabins will have the capacity to live in the private city all-year long. However, the Liberstad team also make it clear that those residing in the private city are still accustomed to Norwegian law. As such, those from outside the European Union will need to go through the very same immigration regulations as any other part of Norway.

Ultimately, whilst it is too early to state whether or not the project will be a long-term success, it is reasonable to suggest that it will no doubt attract a strong following from those within the cryptocurrency community.


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Kane Pepi

Posted by Kane Pepi

Based on the Blockchain-Isle of Malta, Kane holds a Bachelor’s Degree in Accounting and Finance, a Master’s Degree in Financial Investigation and he is currently engaged in a Doctorate – researching financial crime in the virtual economy. With a keen passion for research, he currently writes for a variety of publications within the Financial and Cryptocurrency industries.


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