Czech Central Bank threatens fines for using word “coin”

Posted 04 November, 2019

The Czech Central Bank (CNB) has objected to Paralelní Polis, a local crypto-anarchist organization, with a large fine for using the word “coin” in the description of the silver coin that it issues. According to representatives of the bank, CNB has exclusive rights to the word "coin", so Paralelní Polis violates the law. In turn, Seznam Zprávy, Martin Leskovjan, the group’s chairman, described the situation as “completely nonsensical.”

“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.” - representatives reported on Twitter.

The silver coins are among the collective’s latest projects. Each coin has the image of one of three figures: Ross Ulbricht, Julian Assange and Aaron Swartz. A nominal value of 0.01 BTC via a partnership with physical currency startup BitNotes.

“With this project, we wanted to pay homage to people who rebelled against the system and whose work significantly contributed to internet freedom.”  - posted the blog Paralelní Polis.

Meanwhile, the Czech authorities are quite conservative about digital currencies. Cryptocurrency businesses who do not register their activities could face a fine of up to around $20,000. 

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04 November, 2019 15:56

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