Why did LGBT+ cryptocurrency maricoin spark controversy? Know here

New Delhi: Cryptocurrencies have been the talk of the town and why shouldn’t it be not! The world of cryptocurrency has been through hell of a ride in recent times, witnessing big spikes & then suddenly dropping to an ebb.  The fluctuations in digital currency brought it immense fame, so did the investors interest. The crypto world has also been marred by a lot of controversies, which only got escalated because of lack of financial wisdom regarding crypts & worrying regulatory authorities around the world.

Some of the recent launches of digital currencies such as maricoin which is touted as the world’s first LGBT+ cryptocurrency by its founders have sparked controversy worldwide. The founders rolled out the LGBT+ crypto for a pilot test in Spain’s Madrid on December 31.

What sparked maricoin controversy?

A play of word in itself, the word ‘maricoin’ has been derived from a homophobic insult in Spanish has given the rise in controversy. Maricoin will start trading on major cryptocurrency exchanges on February 22.

After maricoin came before the public, an outrage sparked where hundreds of social media users said that the Spanish cryptocurrency’s name was disrespectful towards the LGBT+ community as they draw parallel reference with the English homophobic slur “faggot.”

Meanwhile, other users said that this criticism was unwarranted, stating how the Spanish word “maricon” had been reappropriated by gay men.

“Maricon’ doesn’t work like ‘faggot’. It translates better as ‘queer’” said David Gonzalez, a 23-year-old student from Madrid to Reuters. “In Spain, gay guys say it to each other constantly.”

“By reappropriating a slur, we empower ourselves. It wouldn’t be the same if a straight person said it to me, of course, but this is an LGBTI initiative,” he added.

Co-founders of maricoin Juan Belmonte and Francisco Alvarez, stated that some people misunderstood the choice of name.

Besides, the critics also opposed the initiative’s aim to target LGBT+ people as users and claimed about the possible riskiness of crypto.

Can LGBT+ cryptocurrency succeed?

According to the founders, more than 10,000 people have joined the waiting list wanting to buy premium maricoins before the crypto starts trading.

Reportedly, the coins will be accepted as a mode of payment in businesses that have signed an anti-discriminatory manifesto.

Yermack mentioned that since potential maricoin users focus on LGBT+ people and their associates which constitute a minority group around different countries, the gain traction for the virtual currency can face challenges.