GCS Fibers Ghana Limited has called for a regulatory framework for the cryptocurrency ecosystem to function fully. Mr Ato Andoh, the Chief Executive Officer and Co-Founder of GCS Fibers and Ash Environmental DAO, said the lack of regulations to enable companies register and operate had left room for fraudulent operators. 'We are supportive of the Bank of Ghana (BOG) initiative to come up with the necessary regulations so that the bad companies can be weeded out. We are all for regulations and we hope the process will be expedited for all to participate with higher confidence and be able to collaborate with the Bank of Ghana who we have already met on a couple of occasions,' he added. Mr Andoh made the call upon his arrival in the country to refresh his engagement with the government and stakeholders on the company's intention to establish factories and create jobs in Ghana through its ASH Token initiative. ASH Token is a platform for funding sustainable business initiatives that aim to eliminate pollution from the global environment and drive the adoption of cleaner energy sources. It is also a governance and utility token that empowers holders to decide how the funds raised from the token sale and transaction fees are used to fund environmentally conscious companies and technologies. Mr Andoh said this would help relieve the government of financial stress. He said a GCS factory could employ over 500 people, adding that aside from creating jobs for ordinary Ghanaians, the company would contribute significantly toward industrialization, increased the tax base for the national economy, as well as save energy costs for consumers, among others. 'So for those who have heard of ASH Token, it is nothing to be afraid of. We are here to generate jobs and facilitate development in the ecosystem,' he added. The CEO called on stakeholders to come on board to make the cryptocurrency ecosystem a success. 'Let's develop a sense of urgency to develop the country and don't be afraid of the cryptocurrency ecosystem,' he stated. The company is a subsidiary of GCS Fibres, LLC - funded by the ASH Environmental DAO, a United States-registered Decentralised Autonomous Organisation. GCS Fibres, LLC is a US-based corporate entity possessing patented breakthrough technology that produces economically beneficial, marketable, and high-quality non-toxic mineral fibre by repurposing coal ash from which six different primary raw materials are produced. The products, in turn, can also be used for the manufacturing of textile fabrics, rubber/plastic materials, brake pads, car tires, and all sorts of automobile parts, paper and paper products, including tissue, carbon-fiber precursors, and construction materials.

Source: Ghana News Agency