A privately promoted city in Norway going by the ideals of Anarcho Capitalism has announced the development of its native cryptocurrency for local transactions. The city already has a blockchain-powered smart city platform facilitating its citizens and now its native cryptocurrency is also launched for good measure.
Liberstad, the anarcho-capitalist utopian project in Norway is a privately run smart city project by the non-profit Liberstad Drift Organization that aims to implement the principles of total free-market economy and lack of government interference with a special focus on abolishing taxation.
According to John Toralf Holmesland, the head of Liberstad Drift AS:
“We want a society where people decide over themselves and can live together without government authorities. We want a society without government coercion, blackmail, surveillance or unnecessary violence.”
The first of the city’s freehold plots for the utopian exercise were sold mostly through Bitcoin and Norwegian Krone back in 2017. Around 100 new residents have joined the project and by April 2018.
The new native cryptocurrency called City Coin will be used within the closed market of Liberstad itself only. Within this area, national fiat currencies are completely banned and the currency itself will be used within the town’s blockchain-based smart platform called City Chain. The platform and cryptocurrency together will allow citizens and private entities to offer communal services “on a private, internal and voluntary basis” to eliminate the requirement of government existence in the area.
The residents will also use a new app called City Hub for municipal functions. The app will allow a variety of civic functions that are allowed in an anarcho-capitalist doctrine including identity management, creating and voting on city-wide initiatives, registering property, contract insurance, and more.
The town is one of the first attempts to create a free market-backed government-less existence in the world.