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Politics News

CBL: TACC has no approval to operate in Liberia

The Central Bank of Liberia (CBL) says its attention has been drawn to a publication made in the May 6, 2021 edition of the FrontPage Africa newspaper, captioned “First Digital Asset Company to be Launched in Liberia”, with particular reference to the launching of Crypto currency in Liberia on May 14, 2021 by an organization named ‘The Abundance Community Coin (TACC)..

The CBL noted in a clarification that at no time has the Bank approved any license for the above-mentioned company to transact ANY financial business in Liberia, in accordance with Section 3 (1) of the New Financial Institutions Act of Liberia.

The Bank said it views the attempt by TACC to introduce a digital financial product in Liberia without adherence to the required regulation as not only illegal, but also intended to undermine the country’s financial system.

“In view of the foregoing, TACC is hereby warned and directed to immediately halt all publicity on the launch of the product and desist from carrying out any financial activity. Any attempt to proceed on the contrary, the CBL will have no other alternative but to pursue legal recourse in accordance with the law,” the CBL added.

Meanwhile, the CBL reassures the general public about safeguarding the financial system against action counterproductive to the operation of the system and urges members of the public to exercise due caution in transacting with such illegal financial institution.

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