Czech Republic Prohibits the Use of the Word 'Coin'

Nov 06, 2019 at 11:02 // News
Coin Idol
Czech prohibits coins

The Paralelní Polis, a non-profit institution which some call an anarchist movement, received notifications from the Czech National Bank (CNB). The Central Bank points out that the word “coins” has certain conditions under which it can be used. The project got into a cross because of the EET, but magnificently avoids attacks and fines.

Polis sells, for instance, the so-called BitNote, which it describes as the link between coin and bitcoin. It is a physical coin that the Parallel Polis project has loaded with one hundredth of a Bitcoin (BTC). This charge is guaranteed by a certificate.

A limited set of hundred commemorative coins are issued each year. They are dedicated to people who have worked to develop each person's digital freedoms. It began back in 2017 and one of the winners was Julian Assange, the founder of WikiLeaks. Assange was arrested a few months ago and is awaiting trial in the UK.

Fines for Using the Term “Coin”

Chairman Martin Leskovjan revealed that they referred to "tokens as coins" and subsequently refused to change their course. They find it absolutely nonsense.

Martin adds that this is similar to the situation with EET. Here, the designation of anarchists seems to be appropriate because it identifies the EET as inappropriate authority. It also mentions that from antiquity to 2018 the word 'coin' could be used freely. Only the central bank and its products can now use this designation.

The CNB is required by law to maintain confidentiality, and therefore spokesperson Petra Vodstrčilová could only speak very generally.

According to Vodstrčilová, anyone who uses the word “coin” to mark or describe a token, medal or similar object in connection with their offer, sale or distribution, commits an offense for which the CNB may impose a fine of up to one million crowns in administrative proceedings.

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