I am from India and bitcoin is not illegal here nor it is regulated.Reserve Bank,the central bank,says it is still watching bitcoin revolution www.indiabitcoin.com/reserve-bank-of-india-governor-raghuram-rajan-speaks-about-bitcoin/ . My question is if I create a cryptocurruncy (Some new Alt coin),will I be doing something illegal? Can I be put behind bars for creating a parallel currency,if it gets widely accepted?
I don't think so, think about bitcoin, it is a currency yet popular than the other but still some countries are hard to accept or legalize it. So, i think if you create a new maybe they ignore that too.