The amount of US$50 million in Abundance or TACC Coins, a form of Cryptocurrency, is said to be offered or in circulation in the global digital financial market, at the prevailing price of US$0.15 (fifteen cents) per coin.
The Chief Executive Officer (CEO) of The Abundance Coin Community (TACC), Mr. Steve WIlliams, in Monrovia on Thursday, April 28th, said the announcement of the US$50 million in Coins is owing to the 'burning' of US$1,950,000,000, which aimed to allow interested persons of every status of life, despite religion, culture or nationality, to buy or own coins (digital money) for the future.
This is the second major news of Cryptocurrency to be released in Liberia amid the Central Bank of Liberia’s (CBL) refusal to allow The Abundance Community Coin (TACC) to be launched as the first-ever global digital currency network in Liberia. The launch was to be held at the Antoinette Tubman Stadium in Monrovia in 2021, but CBL denied licensing TACC for technical reasons.
Cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger, existing in a form of a computerized database using strong cryptography to secure transaction records, control the creation of additional coins, and to verify the transfer of coin ownership.
TACC in a statement said the coins could be used in the future for various services such as paying utility bills, cross-border remittances, peer-to-peer transactions, and buying private-sector products from onboarded merchant networks on this platform.
The aim of Abundance or TACC Coins, according to Mr. Williams, is to establish an alternate financial system to strengthen the economy, boost financial inclusion and eliminate existing issues. It also aims to bring efficiency, ease of transaction, and security system as well as offer the entire benefits of digital currencies.
“We are still engaging the CBL and we want to make Liberia our headquarters... through Abundance or TACC coins, we can build a Dubai economy in Liberia,” Mr. Williams said.
In the press conference on Thursday, Mr. Williams said TACC Coins have been launched globally in Monrovia in May 2021, and it is in more than 90 countries. The TACC CEO said they wish to make Liberia its headquarters if the Central Bank of Liberia (CBL) approves and licenses them. TACC was established in late 2019 by Steve Williams. In Liberia, Richard Taylor, is the head.