Czechs roll out new Bitcoin-style virtual currency

Aug 19, 2014
The first Bitcoin ATM machine installed in the Middle East on June 11, 2014 in the Mediterranean coastal city of Tel Aviv

The Czech Republic launched its answer to Bitcoin on Tuesday when new virtual currency CzechCrownCoin started trading.

"Early this afternoon we put a first test run of 100,000 coins on the market," CZC project head Ladislav Faith told AFP.

"The total number of coins has been set at 100 million."

Virtual currencies have becoming increasingly popular in recent years since the most famous example, Bitcoin, was launched by a mysterious computer guru in 2009.

Faith estimated a total of 430 forms of e-money are now trading worldwide, allowing users to transfer funds anonymously online and then store them either virtually or on a user's .

But regulators argue the lack of governing , the opaque way it is traded and its volatility make it dangerous.

Some high-profile cases of its investors being ripped off have also made users wary, and last month Europe's top banking regulator called on the region's banks not to deal in virtual currencies.

Faith said his group was interested in cooperating with financial authorities.

Explore further: French police smash illegal Bitcoin trading ring

Related Stories

Recommended for you

Parents experience FOMO on Internet speak

May 01, 2015

If you tell your mum she's fleek, she probably won't get the compliment—social media is driving a rapid evolution of the English language that is leaving parents baffled, a study suggested Friday.

Anonymous app Secret shutting down

Apr 29, 2015

Secret, a smartphone app that gained notoriety for allowing users to make anonymous comments to friends and nearby people, said Wednesday it was shutting down after just 16 months.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.