Deep in Rural Norway, a Bitcoin city is being created. The out of the dream city will accept anything else other than the National currency. This city will provide free schools, and social amenities and other social for free. An exact creation gotten right from a page in the book written by Bitcoin developer Satoshi.
What is the Exact Idea behind the Private city?
The project wants to create a city where public services are freely provided by the people, all land are under private ownership. Other services like schools, hospitals, courts, insurance companies and others will also be provided free of charge through voluntary organizations or bodies. Therefore markets are free from taxes and any kind of force.
Any resident can start a business free of charge provided they will accept no other currency other than the Norwegian krone (the national currency). Those who want to use the national currency will have to first register with the government. Although the city looks to be a dream which might be hard to achieve given the natural long process of city development and the pace at which the developers want this city ready for occupation. Most likely the government might also bring bureaucratic issues which might delay the city development.
How Bitcoin will benefit from Liberstad?
So far more than 60 people have already made some payments for plots and just about 4.5 hectares land is remaining. Payments using Bitcoin are being encouraged extensively by the project. Liberstad Drift AS is making plans to give discounts to those who will pay in Bitcoins. The city will deploy Blockchain to run all its services ranging from voting city officials to registrations of citizens. The city intends to have its own cryptocurrency with much links to Bitcoin and Blockchain Technology. It could be merely because of the very fragile Bitcoin price making developers think of a cryptocurrency they have more control over other than Bitcoin which is controlled by complex market forces.
What is the Norwegian government saying?
So far the Government of Norway is still continuously given green lights to all of the city’s new development ideas and Blueprints. Concurrently Libertad the Municipality that will host the city has no tax on properties; this has had a very forward advantage to the city developers since customers pay for their Land tax-free.
Meanwhile, I can’t exactly be so naïve to say this city is already a flop, it will take some time for the ambitious city to function as modeled by its developers.