ited ▁the ▁foreign ▁exchange ▁of ▁bit co ins ▁from ▁the ▁country , ▁according ▁to ▁a ▁government ▁minister . ▁Aur or aco in ▁was ▁the ▁first ▁of ▁a ▁number ▁of ▁country - based ▁crypt oc urr encies . ▁ ▁History ▁It ▁has ▁been ▁suggested ▁that ▁' in ▁many ▁ways , ▁I cel and ▁could ▁be ▁seen ▁as ▁an ▁ideal ▁place ▁for ▁a ▁virtual ▁currency ' ▁on ▁account ▁of ▁the ▁limited ▁use ▁of ▁c ash , ▁extensive ▁familiar ity ▁with ▁electronic ▁fin ance , ▁and ▁extensive ▁interest ▁in ▁Bit co in ▁in ▁I cel and ic ▁society , ▁couple d ▁with ▁the ▁long - term ▁inst ability ▁of ▁the ▁kr ón a . ▁ ▁It ▁was ▁originally ▁based ▁on ▁L ite co in ▁with ▁a ▁sc rypt ▁proof - of - work ▁algorithm , ▁but ▁on ▁March ▁ 8 , ▁ 2 0 1 6 ▁a ▁new ▁code base ▁was ▁released ▁using ▁a ▁multi - al go ▁architecture ▁based ▁on ▁D igi Byte ▁and ▁pione ered ▁by ▁My ri ad co in . ▁ ▁A ird rop ▁By ▁using ▁the ▁Kenn ital a ▁national ▁identification ▁system ▁to ▁give ▁away ▁ 5 0 % ▁of ▁the ▁total ▁issu ance ▁of ▁Aur or aco ins ▁to ▁the ▁population ▁of ▁I cel and , ▁a ▁process ▁dub bed ▁the ▁" air drop ", ▁the ▁developer ▁hoped ▁to ▁bootstrap ▁a ▁network ▁effect ▁and ▁introduce ▁crypt oc urrency ▁to ▁a ▁national ▁audience . ▁ ▁Ph ase ▁ 1 ▁of ▁the ▁a ird rop ▁began ▁on ▁March ▁ 2 5 ,