Iceland may soon turn favorable for Bitcoin and blockchain startups as the Pirate Party is expected to partner with other political parties to form the country’s government. The party has received an invitation from the country’s president to be part of the power-sharing pact following the recent elections.
The Pirate Party of Iceland, with its anti-establish principles, has been a vocal proponent of Bitcoin. In the legislative elections, held on October 29, 2016, the party won 14.5 percent of all the votes. With none of the 7 contesting parties gaining a clear majority required to frame the government, a coalition between parties has become a necessity.
According to reports, the Pirate party was not the first choice for the power-sharing pact. Initially, the conservative Independence Party, which received the highest number of votes tried to work along with the liberal, centre-right Reform Party and centrist Bright Future Party to share the power. However, it fell apart after the parties failed to see things in the same light.
A leading English daily reports a lack of consensus among the three parties when it came to matters of relations with the European Union, institutional reforms and fishing. Another attempt to join forces with the Left-Green Movement seemed to have ended due to similar reasons. However, after prolonged discussions between the five parties, it was decided to let the third biggest political party in Iceland, the Pirate Party to form the government.
During the election campaign, the Pirate Party had promised few radical changes to the system if it came into power. Now, with the possibility coming true, it is to be seen whether the party will be able to introduce those changes.
While pursuing its anti-establishment agenda, the Pirate Party may register Bitcoin as the national currency, creating a milestone in the digital currency’s history. Even though it is still a speculation, the possibility of such a thing happening is quite high. For now, the cryptocurrency community has its eyes and ears directed towards Iceland to keep track of future developments.
READ MORE: Iceland’s Pirate Party and What Could Happen for Bitcoin
Ref: The Guardian