I guess no, you will not be arrested and as what as you said bitcoin is not illegal in your country so how will you jail and who will do it for you. There are so many cryptocurrencies now and I guess there's not even one got in jailed because of creating some new cryptocurrency
Indeed. no one got jailed because of creating new crypto. But, why should we make a new one when the old one is still need to be popularized to make it legal or at least be accepted by the world.