Czech Crown Coin (CZC), a new virtual currency similar to Bitcoin, will be launched on the local market in September in a bid to support online businesses in the Czech Republic, the Wall Street Journal reports.
Ladislav Faith who is spearheading the project explains the goal of CZC is to provide an alternative to hard cash transactions on the Czech market as well as other virtual currency options. The project secured an allocation of 100 million coins, 50 percent of which will be reserved for Czechs. “The second half will be owned by the entire world and mainly by people from countries where such systems are popular, such as the United States,” Faith told the Wall Street Journal. CZC will be rolled out in three phases this fall. The coins will eventually be traded on international virtual currency exchanges, according to the daily.
The Czech National Bank has dismissed the news, claiming that virtual currencies, like CZC, aren’t currencies and present risks to users since they aren’t backed by financial institutions.
