Israelis will soon be able receive free digital currency from Isracoin, the Isracoin association said in a statement.
The six developers of Isracoin, are all associated with the social protests that took place in Israel in the summer of 2011.
They also have close ties to the open source community in the country. They have mined 10 percent of the total amount of planned Isracoins, 480 million out of 4.8 billion, which will be distributed in several phases.
“The first phase of the plan includes the distribution of 500 Isracoins to all companies adopting it as a payment method, up to 50,000 companies. This will happen a month before the second phase, in order to prepare as many companies as possible for the day that the general public receives the virtual currency,” the developers said on their website.
In the second phase, the company will give coins to every Israeli citizen up to a maximum of 2.85 million people.