John McAfee Announces Crypto-Backed Currency; McAfee Redemption Unit

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John McAfee has announced his plan to release his own ‘fiat’ currency-backed crypto, the McAfee Redemption Unit. The controversial entrepreneur said the release will be done in June.

Through a tweet on 29th, May McAfee seemed to release what may well be prototypes for a series of banknotes. The previous day he had tweeted about his own currency including a picture of his face on a fiat bill. He had also promised to make an announcement of a new McAfee Coin

The prototype series include seven denominations. Each denomination has an image of either McAfee or other well-known personalities in the cryptocurrency industry. Examples include Bitmain CEO Jihan Wu, Brock Pierce of Bitcoin Foundation or even CEO of Bitcoin.com Roger Ver.

The currency will be printed on currency paper which will contain holographs on both sides. Additionally, the currency will be serialized with two features associated with fiat. The currency which is redeemable is linked to the blockchain.

Initially, Crypto-News India had reported on the same as fake McAfee dollar. Within no time, McAfee came out to state that he was serious and that the tweet was not a hoax. The outspoken entrepreneur said that the McAfee Redemption unit which, he termed as McAfee Promissory Note will be linked to a blockchain via tokens. Depending on one’s denomination’s note, one can redeem for up to 100 minutes of personal time with McAfee himself at any location in the world.

Any note-holder willing to redeem for a personal meeting must appear between 1.00pm to 3.00pm at a specific address in Mexico. Here they will be given a time, date, and a location anywhere in the world to meet McAfee.

For the note to be more valuable, redemption will intentionally be made very expensive. McAfee stated that his followers do not mind paying a high price to spend private time with him since his followers were largely loyal. He went on to explain that if a unit was based on the redemption cost which people were willing to pay then it was inevitable for the note’s value to skyrocket.

McAfee said that 341,000 different denominations are already printed. One MRU unit is worth $9.95 and there are 6.05 million redemption units.

For a promissory note holder who chooses to convert his note, he or she will send it to the MRU foundation where the value will be sent to the holder’s crypto wallet.