A CRYPTOCURRENCY developer is preparing to launch Brighton’s answer to Bitcoin.

It is hoped Sterlingcoin will become everyday tender and accepted for payment in stores both offline and online.

IT professional Spencer Lievens from Brighton is behind the cryptocurrency, the latest in a new generation of digital money controlled by an open market rather than a central bank or government.

The value of Sterlingcoin is determined by demand, use and trading, with a network of computers to ensure payments are safely processed and are compensated.

The currency will be accepted at Flawless Clothing and Printing, in Kensington Gardens, which already has a bitcoin ATM, as well as several other sites in London.

It has undergone a six-week prelaunch before the software is released on Saturday.

It will then have a six month proof of work period to give people enough time to become aware of Sterlingcoin.

Mr Lievens said: “There are some cryptocurrencies that don’t have any merchants after two years and we’ve already got four.

“We get out of the house and away from our computers to actually meet people so we build up trust with people.

“There’s a lot of competition – all the cryptocurrencies are at each other’s necks. Our only real competitor is Bitcoin.

“Sterlingcoin will be open and fair.

“We don’t want to overcomplicate things, we want to make it as easy and accessible to the end user as possible.

“Implementation is more important than innovation.

“It’s a bit pointless if it’s all fancy bells and whistles but you can’t use it.”

Critics say digital currencies may be at increasing risk of fraud and could damage Britain’s economy if their use is widespread.

The Bank of England said the finite supply of Bitcoins meant an economy where they formed the main currency would be at risk of deflation.