Iceland's President authorizes the Pirate Party to form a government, Bitcoin has a bright future in the country

Iceland will soon give the green light to Bitcoin and blockchain startups as the country’s Pirate Party is about to form a new government with the authorization of the president. After the leaders of the Independence Party and the Left Green Movement failed to form a government, the president decided to authorize the Pirate Party leaders to form a new government.

The Icelandic Pirate Party is based on the principle of "anti-establishment" and has always been an enthusiastic supporter of Bitcoin. The members of the Pirate Party include anarchists, hackers, libertarians and geeks. It sets policies through online voting and believes that the government should do the same. It accepts Bitcoin and virtual currency donations, wants to turn Iceland into the Switzerland of the Bit World, and is willing to provide asylum to Snowden.

On October 29, the day of the Icelandic parliamentary election, the Pirate Party won 14.5% of the votes. Since the current ruling coalition did not win a majority of votes, the seats in the new parliament are relatively scattered, and at least three parties need to form an alliance to win more than half of the seats. Therefore, a party alliance has become inevitable.

It is reported that the Pirate Party was not the first choice to form a government at first. The Independence Party, which received the most votes, had previously tried to form a new government with the Liberal Party, the center-right Reform Party and the Bright Future Party, but the negotiations on forming a government ultimately failed.

The three major parties could not reach a consensus on issues such as the European Union (EU), institutional reforms and fisheries. The leaders of the Left Green Movement also failed to form a government for similar reasons. After a long discussion among the five major parties, it is time for Iceland's third largest party, the Pirate Party, to start forming a government.

In addition to its anti-establishment goals, the Pirate Party may also vigorously promote Bitcoin and other cryptocurrencies. Iceland's traditional banking industry may disappear, creating a milestone in the history of digital currency. Some even speculate that Iceland may become the first country to define Bitcoin as a local currency. Bitcoin can not only provide independent financial services for citizens without bank accounts, but also help them achieve a certain degree of privacy.

While this is still speculation, it is very possible that this scenario could happen, and the cryptocurrency community is already looking to Iceland for further developments in the future.

Regardless, the combination of the Pirate Party and Icelandic state policy doomed the country’s economy to a complete overhaul.