With the suprise success of Auroracoin, the "Ethnocoin" model prooves to hold some credibility to its promise to provide a set amount of free coins to a potential million strong userbase of a whole country. The only thing still to play out well is deliverance of that promise, which has recently experienced a hard set back by impending ban in its target geography.
http://www.coindesk.com/icelandic-parliament-committee-holds-closed-session-discuss-auroracoin/Nevertheless, the concept is promising and would most likely attract a large initial userbase keen to cash out on their free coins, while holding on to some for later use, if it was to be allowed in a country from the beginning, just long enough for the local media to pick up on the story and let every citizen know that an unexpeted treasure is just waiting for him/her to be cashed out.
In that regard Iceland maybe an unlucky pick for this experiment to flourish. The lowest hanging fruit in the garden may in fact be listed by the Financial Action Task Force (FATF) in its annual report:
https://en.wikipedia.org/wiki/FATF_blacklistThis report lists countries uncooperative or limping behind on fulfilling demands in order to comply with international standards regarding money laundering/ terrorist financing. Among the top 3 countries listed in its 2013 report is the
Islamic Republic of Iran, a country of 77 Mio citizens and 42 Mio internet users (
http://www.internetworldstats.com/stats5.htm). Iran has a recent history of hyper inflation and economic instability, while being an international finance pariah already. In this light the Ethnocoin concept may be much better received here then anywhere else in the world. A ban may, well explained to the authorities, be much harder to justifiy then in any of the FATF compliant jurisdictions, such as Iceland. In fact, the decentralized nature of "Persiacoin" may ring welcome as an anti-imperialist approach to modern finance, with Qran compliant traits such as an interest unfriendly deflationary currency model, being close to the familiar Hwala concept of decentralized money transmission, that tries to rival USD dominance, etc., etc.
On top of being a real success story for crypto currencies and a great experiment, it may also provide a great investment opportunity and real value to the Persian population.
What are your thoughts?
