First Czech virtual currency to be issued at noon today


17.07.2014 08:38

Prague - The first Czech virtual currency, Czech Crown Coin (CZC), will be issued officially at noon today, the project authors told CTK in a press release today.


První česká virtuální měna s názvem Czech Crown Coin (CZC). Jde o měnu, která umožní platby přes internet. Zároveň bude obchodní komoditou, kterou lze koupit či prodat na burze. screenshot: ČN

A total of 100 million coins are to be issued. This amount is to be be final.

Czech Crown Coin will enable on-line payments. It will also be a trading commodity that can be bought or sold on the exchange.

The currency will not be subject to inflation.

One half of the total amount to be issued has already been pre-mined. The other half will be mined in the course of the next four up to ten years.

Neither the press release nor the new virtual currency's website have disclosed who is behind the project.

At the beginning of September, the first stage of distribution of 50 million CZC to Czech citizens will be launched. They will be able to receive a certain number of coins on the basis of registration.

The authors said they will disclose further information later.

The project aims to support Internet business in the Czech Republic.

Digital currencies started to appear in a major amount several years ago. The most significant of them is Bitcoin, which got into circulation in 2009. Unlike common currencies, virtual currencies do not enjoy the support of either central banks or governments.

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