Israeli developers are preparing to release their own version of the digital currency bitcoin, dubbed Isracoin, next Wednesday.
The six developers are all associated with the social protests that occurred in Israel in the summer of 2011 and with the country’s open-source community. They have mined 10 percent of the total amount of planned Isracoins, 480 million out of 4.8 billion, which will be distributed based on a plan specified at isracoin.org.il.
“The first phase of the plan calls for distribution of 500 Isracoins to every business that adopts it as a means of payment, up to 50,000 businesses. This will happen one month before the second phase, in order to prepare as many businesses as possible for the day the general public receives the virtual coins,” the developers said on their website. The second phase will distribute “the coins to every verified Israeli citizen, up to a maximum of 2,850,000 people,” they said.
“The problem with the Israeli economy is over-concentration. A few banks control most assets, and these banks wield great influence over political parties. This expresses itself in high commission rates and in non-competitive services,” the developers added, according to Haaretz.