UPDATED (10th February 2015, 3:30am GMT): Updated with comment from project manager Sarah Blincoe.

An event expected to involve the distribution of bitcoin to 70,000 residents of Dominica has been canceled.

Originally scheduled for 14th March, The Bit Drop was billed as an island-wide party that would include free giveaways and educational booths, alongside more eclectic fare such as fire dancing and musical acts.

The decision was confirmed by The Bit Drop Organising Committee, which cited country-specific logistical decisions as the reason for the cancellation.

A spokesperson indicated that the project is currently seeking to uncover ways it could move forward on its planned initiative, stating:

We are still passionate about bringing Let The Bit Drop to fruition and hope that we will be able to re-instate this pioneering project in the future.

The event was a joint venture between wealth management company Aspen Assurance, womens bitcoin interest group Bitcoin Beauties, bitcoin services provider Coinapult and the College Cryptocurrency Network.

Speaking to CoinDesk, members of the Coinapult team expressed their regret about the decision given the year-and-a-half of effort from the organising parties.

CEO Ira Miller explained that negotiations for the event broke down whenits hosts in the Dominica did not provide promised support.

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Plan to Distribute Bitcoin in Dominica Shelved