Czech Central bank warns Paralelní Polis against calling its tokens “coins” – Cryptocurrency News

Czech National Bank has objected over the use of the term "coin" by Paralelní Polis. The crypto-anarchist movement described its commemorative silver tokens as coins. According to law, the central bank possesses the sole rights to the word and has opposed its usage by the movement. The chairman of the group, Martin Leskovjan, has described the offense as nonsensical.

ADVERTISEMENT

The Czech National Bank has opposed the use of the term “coin” by the bitcoin-favorable Paralelní Polis movement. The group used the word to describe its commemorative silver tokens against which the central bank has issued a warning.

Paralelní Polis posted on twitter revealing the “official threat” posed by the bank stating that if the group continues to use the term “coin” on its site, they will be fined. The post informs how CNB claims to have a monopoly on the word.

Martin Leskovjan, the group’s chairman, while in conversation with Seznam Zprávy, a local media outlet, has cited the situation and objection entirely “nonsensical.” He continued to stay firm on the group’s decision to call the token as coin and stated, “We’re calling the coin a coin.”

The silver tokens are the latest project and hold a value of 0.01 BTC ($92) through a collaboration with BitNotes, a physical currency startup. Every coin owns the image of one of three personalities who are prominent in the Bitcoin era – Ross Ulbricht, Julian Assange, and Aaron Swartz. As mentioned in a blog post, the project aims to pay homage to people who fought against the system and contributed to bringing internet freedom.

ADVERTISEMENT
Ryan Asher
Ryan Asher
A post-graduate in business administration from Rutgers University, Ryan love to express his thoughts in writing. Ryan entered the crypto space by selling his car back in 2013 and investing the money into bitcoin. Apart from writing, Ryan loves to travel and believes that bitcoin is helping him fulfill his dream of traveling across the world.

Leave a reply

Please enter your comment!
Please enter your name here