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January 6, 2014

New virtual currency named after Kanye West

The new ‘CoinYe’ set to be launched on January 11.

By CBR Staff Writer

Kanye West has inspired a new virtual currency, dubbed ‘Coinye West’, which is set to be launched next Monday.

The developers of the ‘Coinye’, who still remain anonymous, revealed that the rapper is not yet involved in the venture but hope to get approval from the rapper.

Developers told music site Noisey that they hope Coinye will be used to buy concert tickets

"It will get people who are on the fence interested and help them to start using the currency, and we hope they’ll share it with their friends, too," the developers added.

The value of the most famous virtual currency, Bitcoin, topped at $1000 (£613) last year, but fell in value to £520 after failing to catch on in China.

The virtual currency has also been called a ‘legitimate financial service’ by the US Homeland Security and Governmental Affairs Committee, while Norway and China refused to recognise it as a valid currency, and Germany also plans to tax the virtual currency.

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