The pro-Bitcoin Paralelní Polis faces penalties if it continues to use the term “coin” to describe its commemorative 0.01 BTC silver coins.
Bitcoin (BTC) friendly Czech crypto-anarchist movement Paralelní Polis has received a warning from the country’s central bank for issuing its own coins.
Central bank fine “completely nonsensical”
As representatives reported on Twitter on Nov. 3, the Czech National Bank (CNB) has objected to Paralelní Polis using the term “coin” to describe commemorative silver tokens it is currently minting.
In 2018, a new law appeared giving sole rights to the word “coin” to the CNB.
“Czech National Bank sent us an official threat that if we continue to use the word ‘Mince’ (‘Coin’) on our site, we will be fined. The bank claims to have a #Monopoly on the word,” the Twitter post reads.
Speaking to local media outlet Seznam Zprávy, Martin Leskovjan, the group’s chairman, described the situation as “completely nonsensical.”
“We’re calling the coin a coin,” he summarized.
Government falls out of love with crypto
Since 2014, Paralelní Polis has become a well-known Bitcoin entity in the Czech capital, Prague, and includes facilities such as a cafe that accepts BTC payments.
The silver coins are among the collective’s latest projects and include a nominal value of 0.01 BTC ($92) via a partnership with physical currency startup BitNotes.
Each coin has the image of one of three figures who are significant in both the Bitcoin space and beyond: Ross Ulbricht, Julian Assange and Aaron Swartz.
“With this project, we wanted to pay homage to people who rebelled against the system and whose work significantly contributed to internet freedom,” a blog post about the project explains.
As Cointelegraph reported, the Czech Republic has opted for a more conservative approach to cryptocurrency freedoms. In August, authorities chose to implement tougher regulations than those required by the European Union.
Under the new requirements, cryptocurrency businesses who do not register their activities could face a fine of up to around $20,000.
Source: , CoinTelegraph
Articles listed with Cash Tech News as the author are either general information, or may have been imported from another website, to bring our readers a rich media experience that encompasses articles that we find interesting, as well as those curated by others.
The views and opinions expressed here are for informational purposes only, and should not be confused with professional financial advice. These opinions are solely those of the author and do not necessarily reflect the views of CashTechNews.com. Every investment and trade involves risk. You should conduct your own research, and contact your professional financial advisor before making any investment.
Corrections, feedback, and ideas should be submitted through the website contact form.