Fans of rap duo Insane Clown Posse have launched their own virtual currency.

Devotees, known as Juggalos, can now purchase JuggaloCoin - which is similar to the online payment system Bitcoin - online and use it to purchase goods from others in the band's substantial fan community.

A statement posted on the website reads: "The most important thing to understand about Juggalo culture, is that it is all about Family and helping each other out. By spending juggalo coins, Juggalos can be certain that their money is going to someone who is 'down with the clown'."

The Insane Clown Posse aren't the first artists to inspire their own digital currency - an unauthorised Kanye West version, called Coinye West, was launched in January (14), but the rapper was not happy with the use of his name and is currently attempting to sue the anonymous creators.