Ghana: BoG Warns Against “Freedom Coin” About To Be Launched

Ernest Addison, BoG Boss

According to The Bank of Ghana (BoG), it has been brought to its knowledge that a cryptocurrency known as “Freedom Coin” is about to be launched.

The central bank released a statement on 9th March warning that neither this cryptocurrency nor the promotional firm has received authorization from the Bank of Ghana to engage in the banking and payment sectors.

“In line with notice NO.BG/GOV/SEC/2018/02 issued on 22nd January 2018, which can be found on the Bank’s website, Bank of Ghana wishes to reiterate that cryptocurrencies such as Bitcoin are not regulated under any laws in Ghana, and are therefore not backed by any guarantees or safeguards.”

“Bank of Ghana advises the general public to exercise caution in respect of cryptocurrency transactions.”

“The Bank further directs all licensed institutions including banks, specialized deposit-taking institutions, dedicated electronic money issuers and payment service providers to refrain from facilitating cryptocurrency transactions via their platforms or agent outlets. The general public is hereby advised to take note and be guided accordingly.”

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