The Future of National Crypto Coins - Spaincoin and Auroracoin

Wild swings abound in the national cryptocoin scene. Rumour has it Spaincoin should see another big burst by the end of this week due to potential news coming out of Argentina. We patiently wait, and maybe stock up on some coin just in case ...

"Bitcoin's market capitalisation was slightly down by 2.1% while it's closest rival in value litecoin saw a rise of 3.2% in value.

However it was the country-based coins which saw the most spectacular gains and falls. The big riser from Monday - spaincoin - fell almost as spectacularly as it rose, dropping 45% in value in just 24 hours - though as spaincoin is still very young, this type of fluctuation is typical.

Yesterday we reported that auroracoin, the Icelandic cryptocurrency, had lost 50% of its value in 24 hours. Today however things have been reversed and the value of the coin has grown by almost 90%.

The fluctuations probably won't be welcome by the coin's developers ahead of the airdrop next week when each Icelandic citizen will be handed out 31.8 pre-mined coins.

The rebound comes after the Icelandic parliament held a closed session to discuss the cryptocurrency on 14 March. Creator of auroracoin, Baldur Friggjar Óðinsson, told CoinDesk that the government didn't invite him or anyone associated with the virtual currency to take part in the discussions.

The future for auroracoin is uncertain however, and there remains a distinct possibility that auroracoin could be made illegal in Iceland, if some reports are true. Adding to the uncertainty is chairman of the Committee for Economic Affairs and Trade, Frosti Sigurjónsson, who said in a blog post: "There is evidence however that this is a case of [a money] scam and illegal.""

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