Sale of Czech virtual currency starts at CZC0.25/Kc


19.08.2014 13:54

Prague - Czech virtual currency CzechCrownCoin (CZC) started to be traded publicly today, its first limited issue amounting to Kc100,000.


Peníze, mince, česká měna, koruna, úspory - ilustrační foto. ČTK Zavoral Libor

The initial price stood at CZC0.25/Kc at noon. After 12.30 it was Kc1 higher.

After each limited issue is sold, another one will follow for a period of ten days. After that, an exchange office will be opened at the website, where the currency will be traded for the price reached during the sale of the first issue.

"The price should correspond to the real value of CZC because it will be based on the real interest of citizens in this new virtual currency," CzechCrownCoin head Ladislav Faith said.

CzechCrownCoin will be mined in the volume of CZC100m. One half of the total amount has already been pre-mined and will be distributed to individuals and companies in the Czech Republic.

The volume of the issue should make CZC one of the ten richest cryptocurrencies in the world in terms of market capitalisation, Faith said.

The issuer planned to launch trading in CZC approximately a month ago but the start was accompanied by an alleged hacker attack on its website.

Digital currencies started to appear in a major extent several years ago. The most popular 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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