Iceland is a unitary parliamentary republic in the North Atlantic with a population of around 350,000 and an area of 103,000 kilometers. Iceland is high in human development, life quality and income equality. Iceland’s economy is dependent on aluminum, seafood and other animal products, medicine and machinery. Iceland has strict currency exchange regulations. This fact led to the establishment of Auroracoin — Iceland’s cryptocurrency that was delivered only to Iceland’s citizens. Iceland’s regulations of Bitcoin prohibits its use if it leads to capital movements out of the country. However, Iceland does not prohibit Bitcoin mining and cryptocurrency investments in Iceland. The Pirate Party of Iceland is one of the most influential Bitcoin advocate groups, which promotes and is based on the development of the cryptocurrency industry and establishing convenient taxing system.