A businessman based in North Norfolk is proposing to launch a cryptocurrency to pre-empt Facebook’s troubled Libra. To be called ‘Crabcoin’ the new internet currency is set to become available in January 2024.

When contacted for details, the businessman, who wishes to remain anonymous until the launch, stated: “The new currency will be of great advantage to those that obtain large amounts of cash the source of which they don’t want to disclose.

“All they will have to do is to pay the money to me in whatever form they wish. I will take all currencies at the relevant exchange rates and convert the cash into crabcoin that can be used for whatever purpose the owner desires. The coins will be stored online and will be accessible to the account holder at any time. I anticipate that initially, one crabcoin will be worth £1GBP. I expect the value to soar as the currency becomes accepted and begins to be used to make purchases, etc.”

Unlike existing cryptocurrencies, the system will not use blockchain for record-keeping. This one will work via a similar system called ‘crabchain’. When asked to explain the system Mr? said: “I haven’t got time to go through it all, anyway I doubt you would understand. I have a GCSE in computing so I wrote the code myself to be sure it is secure. To put it simply for the layman, the coins will be kept in ‘pots’ and will be easily transferable between owners to facilitate transactions.”

If you are interested in investing in the new North Norfolk cryptocurrency you should make initial contact by clicking here.

From our reporter: D T Rump.