The Central Bank of Galgorm has firmly rejected reports that it is preparing to launch a cryptocurrency known as GALCOIN, describing the rumours as “completely false”.
In a press release received by The Galgorm Knitted Press, the bank confirmed that it has no intention of issuing cryptocurrencies, blockchain tokens or other speculative financial instruments.
The statement follows reports that GALCOIN had become a subject of discussion within the international financial knitting community, prompting questions about the future direction of Galgorm’s monetary policy.
Knitted currency remains the official position
The bank was unequivocal about its commitment to traditional currency production.
Under its existing policy, every banknote and coin must be knitted within 200 yards, in any direction, of the River Maine bridge at Galgorm.
The restriction is understood to be a fundamental principle of the local monetary system and is not open to negotiation.
The bank also clarified that coin edging may be crocheted, but only for commemorative issues. Any attempt to introduce crocheted edging into ordinary circulation would therefore require a formal regulatory review.
Financial Knitting Authority retains control
The press release confirmed that all monetary policy remains regulated by the Financial Knitting Authority (FKA).
The FKA is described as an independent regulatory body responsible for overseeing the production and circulation of knitted currency.
However, the Central Bank was quick to clarify that the authority is one which it controls.
Washington trade mission linked to rumours
The Central Bank’s investigation into the origin of the GALCOIN speculation has reportedly traced the first reports to Truth Social during a recent trade mission to Washington.
The rumours subsequently spread through the international financial knitting community, generating speculation about whether Galgorm was preparing to embrace blockchain technology.
The bank has not identified those responsible for the original reports, but has made clear that no such initiative exists.
Chair rules out digital finance
In a statement accompanying the press release, the Chair of the Central Bank reaffirmed the institution’s commitment to traditional materials and methods.
“The future of finance is not digital. It is knitted. We have complete confidence in wool-backed currency. We are rooted in that tradition, and we shall not be moved on this issue.”
The statement leaves little room for interpretation.
The bank has also specifically ruled out non-fungible knitting patterns, suggesting that even the more unusual developments in digital finance will find little support within Galgorm’s monetary establishment.
No change to monetary policy
For the foreseeable future, the Central Bank of Galgorm will continue to rely on knitted banknotes, traditional coin production and the regulatory oversight of the Financial Knitting Authority.
The prospect of digital wallets, cryptocurrency exchanges and blockchain-based transactions appears to have been firmly rejected.
Investors and speculators are therefore advised not to make financial decisions based on the GALCOIN rumours.