Jamaican bobsled team raises virtual currency for Olympics

Donors have given about $30,000 worth of the virtual currency Dogecoin to support Jamaica’s bobsled team.

The national team, depicted in the 1993 movie “Cool Runnings,” qualified for the 2014 Olympic games in Sochi, Russia, but was reportedly struggling to raise enough money to make the trip.

Donors on the social media site reddit and elsewhere launched a campaign to raise the cash in the form of Dogecoins, a novelty online form of money.

{mosads}For supporters of the money, the campaign was a chance to prove that Dogecoins are ready for prime time.

“This is our chance to prove to the world the power of dogecoin and do something truly great for a national team with a inspirational legacy,” the nonprofit advocacy group Dogecoin Foundation wrote on its site. “Feel the rhythm, feel the ride, get on down, it’s bobsled time!”

The upcoming Olympic games will be the first featuring a Jamaican bobsled team since 2002.

Virtual currency like Dogecoins and bitcoins, which are more popular, exist only online but can be used to buy a number of goods and services online and at some stores. They can also be exchanged for cash.

Some lawmakers and regulators have been skeptical of virtual currencies, which they warn can be used to launder money or aid trafficking of illicit goods. Supporters of the money say that it can be more versatile than traditional forms of currency. 

Government officials have largely maintained a hands-off approach to avoid stifling innovation with the money system.