Czechs roll out new Bitcoin-style virtual currency

August 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: Top India Bitcoin operator halts trade after bank warning

Related Stories

Vietnam says bitcoin transactions are illegal

February 28, 2014

(AP)—Vietnam's communist government said trading in bitcoin and other electronic currencies is illegal, and warned its citizens not to use or invest in them.

Recommended for you

Team develops targeted drug delivery to lung

September 2, 2015

Researchers from Columbia Engineering and Columbia University Medical Center (CUMC) have developed a new method that can target delivery of very small volumes of drugs into the lung. Their approach, in which micro-liters ...

Team creates functional ultrathin solar cells

August 27, 2015

(Phys.org)—A team of researchers with Johannes Kepler University Linz in Austria has developed an ultrathin solar cell for use in lightweight and flexible applications. In their paper published in the journal Nature Materials, ...

Magnetic fields provide a new way to communicate wirelessly

September 1, 2015

Electrical engineers at the University of California, San Diego demonstrated a new wireless communication technique that works by sending magnetic signals through the human body. The new technology could offer a lower power ...

0 comments

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.