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The Central Bank of Liberia asks local cryptocurrency startups to abandon their plans to launch digital assets – Regulate Bitcoin News

The Central Bank of Liberia (CBL) has warned local cryptocurrency startups that they plan to continue to launch digital financial products without complying with required regulations. According to CBL, the behavior will not only be illegal, but may “damage the country’s financial system.”

CBL’s warning came after an organization called The Abundance Community Coin (TACC) announced that it planned to launch a crypto asset on May 14. According to a report, TACC claimed that its token was “created to enrich the people through use”. Mission coins. “

However, CBL denied in its press statement that TACC’s cryptocurrency products are blessed to suggest. The central bank stated:

CBL clarified that the World Bank has never approved any license for the aforementioned companies to conduct any financial business in Liberia under Article 3(1) of the New Liberia Financial Institutions Act.

The Central Bank added that if TACC actually conducts a token issuance, then “CBL will have no choice but to seek legal recourse in accordance with the law.” At the same time, CBL warned the public “to have to deal with such illegal financial institutions. Proceed with caution.”

According to a local newspaper report on May 6, the release of the official TACC token will be held at the Antoinette Tubman Stadium in Monrovia.

What is your opinion on CBL’s warning? You can share your views in the comments section below.

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