Czech National Bank (CNB) Fines Paralelni Polis for Using the Word ‘Coin’ in Describing Its Silver Tokens
The Czech Republic National Bank has objected overuse of the term ‘coins’ by Paralelni Polis after the crypto-anarchist movement described its silver tokens as coins.
Fine Imposed by Central Bank Is Ridiculous and Impractical
The crypto-anarchist movement recently posted on its official twitter account on the 3rd of November revealing the official threat issued by the Czech Republic National bank. The threat stated that if the group continues to use the term ’coin’ for the silver tokens they are minting, they will be fined. The Czech National Bank claims to have a monopoly on the word after the 2018 law that issued them with sole rights to the word ‘coin’.
[CZ article] 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. More about the project: https://t.co/9pyp9VWAby.#MINCEhttps://t.co/mil75EiD9n
— Paralelni Polis #HCPP19 (@Paralelni_polis) November 3, 2019
The group’s chairman Martin Leskovjan was recently speaking to a local media outlet Seznam Zparvy and described to the situation as completely foolish and irrational. He, however, claimed that they would stand firm on their stance and would continue to call a coin a coin. This silver token project is the latest to be rolled out. Through its collaboration with BitNotes which is a physical currency startup, it holds a nominal value of 0.01 BTC which is equivalent to $92.
Each of these coins bears an image of one of three personalities; Ross Ulbricht, Aaron Swartz, and Julian Assange all of whom are well-known personalities in the Bitcoin era. Paralelni Polis as a new project is aiming at paying homage to people who critic the system and contributed to internet freedom. Recent reports have indicated that the Czech Republic has opted for a risk-free approach to cryptocurrency freedoms.
Back in August; they tightened their grip by implementing tougher regulations than those the European Union requires. As at now, a fine of up to $20,000 will be imposed on any businesses that don’t register their activities.