As the cryptocurrency industry continues to grow in size, it is also becoming comprehensible and accessible even by countries with weak economies. This goes to show that the cryptocurrency industry has finally gained prominence and recognition in the entire world.
Now countries with poor economies are also adopting cryptocurrencies with hopes of boosting their economies. The goal that the majority of the people in countries with poor economies have is a better lifestyle and a life without poverty.
Fortunately, the cryptocurrency industry seems to be offering that benefit to anyone who has the required resources to get the ball rolling. If someone wishes to be a part of the cryptocurrency trading industry, then they must be willing to make a small investment.
Liberia is one of the countries that have a poor economy but still, the country is determined to make a difference and boost its economy. Just like other poor economy countries, the Liberian public is also attracted to the cryptocurrency industry for its benefits and high profits.
The public in Liberia is adopting cryptocurrencies at a fast-paced rate and the economy is expected to receive a small boost from that. However, the government of Liberia and its regulatory authorities do not want to adopt cryptocurrencies at the cost of breaching rules.
Therefore, the Central Bank of Liberia (CBL), is taking all necessary steps to ensure there are no loose ends. The country wants to adopt cryptocurrencies but not at the cost of having no regulatory hold over the crypto-industry.
Therefore, the Central Bank of Liberia (CBL), has recently issued a warning to a particular cryptocurrency startup company in the country. In the warning, the regulatory authority has informed the crypto-startup about its awareness of a new digital financial product, the startup plans to launch.
In the warning letter, the Central Bank of Liberia (CBL) has made it clear that the startup needs to have proper documentation and approval before it launches the digital financial asset.
Therefore, the cryptocurrency startup in the country needs to introduce a digital asset regulated and approved by the Liberian regulators.
The regulatory authority has also warned that if the startup does not comply with the instruction, then it will be considered an illegal move. Furthermore, this move from the startup’s end would only result in undermining the financial system of Liberia.
The cryptocurrency startup the regulatory authority addressed in the letter is The Abundance Community Coin (TACC). The startup aims to help the locals of Liberia by providing them with coins once they complete certain tasks.
The platform is planning to launch its cryptocurrency asset by the end of May 2021 and has already received a strong acceptance rate from the Liberian public.