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

Making 3-D imaging 1,000 times better

December 1, 2015

MIT researchers have shown that by exploiting the polarization of light—the physical phenomenon behind polarized sunglasses and most 3-D movie systems—they can increase the resolution of conventional 3-D imaging devices ...

US ends bulk collection of phone data

November 30, 2015

The US government has halted its controversial program to collect vast troves of information from Americans' phone calls, a move prompted by the revelations of former intelligence analyst Edward Snowden.


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.