The Bank of Ghana has said it has come to its attention that there is an impending launch of a cryptocurrency named ‘Freedom Coin’.
“The public is hereby cautioned that neither this cryptocurrency nor the promoting company has approval from Bank of Ghana to operate in the banking and payment sector”, a statement from the central bank said on Wednesday, 9 March 2022.
The regulator said: “In line with notice NO.BG/GOV/SEC/2018/02 issued on 22 January 2018”, which can be found on its website, it “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”.
The Bank of Ghana, thus, advised the general public “to exercise caution in respect of cryptocurrency transactions”.
The bank further “directs all licensed institutions including banks, specialised 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”, the statement cautioned.
