Head of Nation Dr. Igor Ashurbeyli is the Chairman of Asgardia’s First Economic Forum, a think tank dedicated to the development of Asgardia’s financial and economic systems. The forum takes place 26-28 October at the Westminster Hotel in Nice, France. The winners of Asgardia’s finance contest, launched in March 2018, are presenting their ideas to a panel of nine financial experts.

Over a three-day period, the Economic Forum is tackling some of the most important financial challenges facing the Nation. The group is putting forth proposals for the economic structure of the First Space Nation, covering the creation of its National Bank, its currency, fiscal policies, corporate taxation, the implementation of a citizenship fee, insurance and wealth creation.

Finance Committee Chair Alexander Ryzhy, who is participating in the event remotely live via video conference from his office in San Francisco, said that he expected the Economic Forum to be “a breakthrough moment that Asgardia needs”. He expects that the outcome will lead to “laws of national currency,  banking, a financial model and a budget”.

Asgardia has the unique challenge of constructing a model suitable for both a future Space Nation and the current earthly scope. Chair of the Citizenship Committee, Ben Dell, said: “I am very excited to see the results of what I hope to be the world's first economic model for a Space Nation.”

Every effort is being made by Head of Nation Dr. Igor Ashurbeyli to give Asgardia’s economic future a boost, as key figures from Asgardia’s executive and legislative branches have been invited to the Forum, including Сhairs of the Parliamentary Committees: Safety and Security, Trade and Commerce, Finance, and Citizenship.

The diverse group of innovators, experts and key policymakers are to ensure that Asgardia’s financial model is considered from multiple angles, and from concept to implementation of legislation that will empower the economy. Notably, Asgardia’s Constitution ensures that private citizens are able to contribute taxes based on a voluntary system and also encourage the development of private businesses.

Berk Delver, Chair of the Trade and Commerce Committee believes that some existing economies are struggling to change and adapt to the future. “It seems difficult for the world countries to shift from the current system to new financial and business models”, he said, noting that Asgardia has a great opportunity to develop a new model. He added: “Asgardia has no system that needs alteration, it is not involved in any binding and imperative structure”.

Asgardia’s efforts in building a new economic model could pave the way for other future space nations. All the concepts, inspirations and outcomes from the economic forum will be drafted into a memorandum by select financial experts.