New virtual currency, Czech Crown Coin (CZC) was issued officially today with a total of 100 million coins are to be issued. Their official website czechcrowncoin.com have been attack by hacker this morning and they currently working on launching a site stabilization.
At the beginning of September, the first stage of distribution of 50 million CZC to Czech citizens will be launched. People will be able to receive a certain number of coins on the basis of registration. 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 and up to 10 years.
The person behind the CzechCrownCoin project is Ladislav Faith, a cameraman of the TV Nova commercial television channel, and his five partners, mostly IT specialists. According to their official statement, the project aims to support Internet business in the Czech Republic.
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.
Many digital currencies already started appearing several years ago. The most significant of them is Bitcoin, which came into existence in 2009. Unlike common currencies, virtual currencies do not enjoy the support of either central banks or governments.
Source: Prague Post
