Crypto-currency will be minting in the US as part of a deal with the state, a US-based newspaper has reported.
The Telegraph said on Wednesday it had obtained a letter from the US Treasury Department, which revealed that the Crypto-currencies Minting Unit would be set up in the state of Montana.
The Minting unit is expected to mint coins worth $1.2bn and is expected by the end of 2020.
The letter, seen by the newspaper, said: “The Minting Office of Montana has agreed to issue Cryptocurrencies to its employees and contractors in the State of Montana for the purpose of meeting federal tax obligations.”
The Mint, which was set up to mint the US’s first cryptocurrency, Crypto-U, was set to become the first state to mint a crypto-currency, after it minted the first US-controlled coin, the Liberty Dollar, in 2014.
Crypto-coins, which are designed to operate like cash, can be sent as digital cash for people who have not been issued a US currency.
But the Mint is set to mint crypto-curves, which could be worth more than $1bn.
Crypto coins, which have been linked to terrorism, have seen huge popularity in recent years, with online retailers such as Amazon.com selling them for $0.20 each.
Earlier this month, the FBI warned against the use of crypto-wallets such as those used to buy and sell the so-called dark web.
It said they could be used by criminals to make payments for their criminal activities.