The Czech National Bank, which is the Central Bank of the Czech Republic, has sent an official threat to the crypto-anarchist movement Paralelní Polis for using the word coin to describe their series of unique physical Bitcoins (BTC). If the word coin is not removed from their website Paralelní Polis will receive a fine.
According to a new law which was issued in 2018, only the Czech National Bank has the rights to use the word coin when describing a currency. This law may actually be a response to the cryptocurrency movement, where lots of cryptocurrencies use the word coin in their name, although this cannot be confirmed.
Essentially, Paralelní Polis has minted a limited edition of physical Bitcoins (BTC) that are made of silver and include a private key for 0.01 Bitcoin (BTC), putting the net value of the coin somewhere over $100. This is an interesting merger between precious metals and cryptocurrency, although other companies and organizations, such as Casascius physical Bitcoins (BTC), have done this before.
What makes these coins unique is that the image of an infamous freedom fighter who suffered for their beliefs is printed on each one. There are three different types of Paralelní Polis coins, with Ross Ulbricht, Julian Assange, and Aaron Swartz. Notably, Ross Ulbricht and Julian Assange are both in prison, and Aaron Swartz committed suicide after rejecting a plea deal which would have landed him in prison.
Only 100 of each type of coin will be made, meaning only 300 Paralelní Polis coins will be created in total, and then the mint for the coins will be destroyed. This makes the coins highly collectible.
The mission of Paralelní Polis is to provide education and technology for people to function in an independent society and protect their individual freedom, and the coins were meant to honor people who contributed to internet freedom and suffered.
Ironically, the government stepping in and threatening to fine Paralelní Polis for simply using the word coin to describe something that is obviously a coin perhaps serves to prove the point that the work of Paralelní Polis and other freedom fighting organizations is necessary.