14 November 2019: Looks like the MTN Group loves the limelight, and intends to stay in it one way or the other. 

On Tuesday a document went viral on WhatsApp and some social media platforms. It was essentially a proposal for MTN Coin, which is a digital currency which is supposed to run on the Stellar Platform (a Blockchain platform for cross-border transactions). According to crypto traders and investors, it has the potential to transform the narration about digital currency in African markets.

Now, this is where it gets “fishy”, MTN group completely denies this proposal and declares the document fake, while Stellar is choosing to remain silent.

The proposal which described itself as a disruption to financial services and expected to run on the Stellar platform is supposedly just a hoax.

According to them, the “unsolicited proposal” was given by Eureka Africa and was denied by the MTN group, and hence they want to stay light years away from this proposal as they stress that they ARE NOT offering any such services.

This is the statement issued by the MTN Group, in Johannesburg on Wednesday, November 13th, 2019

“MTN Group is aware of a proposal that has been circulating on the internet, regarding a digital currency product called ‘MTN Coin’. 

“The unsolicited proposal submitted to MTN by an entity called Eureka Africa was not adopted, and we, therefore, wish to distance ourselves from the document, as well as the services and offerings it mentions, as these are not provided by MTN,”

Despite high acceptance by citizens, government regulations continue to dampen its impact in Africa. In Nigeria, the regulatory agencies had warned citizens against trading in the highly volatile market.

Reporting for EasyKobo on Thursday , 14 November 2019 in Lagos, Nigeria