NEW YORK (BBC): A new Bitcoin-like virtual currency inspired by rapper Kanye West is set to be launched, and has been dubbed ‘Coinye West’. Kanye West is not involved and has yet to comment on its inception. It will follow in the footsteps of ‘Dogecoin‘, another virtual currency based on the popular Doge meme. The value of Bitcoin, the most famous virtual currency, peaked at over $1000 (£613) last year but is currently worth around $850 (£520).

Various alternatives to Bitcoin have sprung up, such as Litecoin, Namecoin and PPCoin. Virtual currencies are often linked to the purchase of illegal items, namely drugs, thanks to transactions being extremely difficult to trace.