March 10, 2022

BoG: Beware Of The Yet To Be Launched Cryptocurrency Called ‘Freedom Coin’

The Bank of Ghana has forewarned Ghanaians against the operation of a digital and virtual currency named “Freedom Coin” in the country.

Per a statement released by Ghana’s central bank, the cryptocurrency named Freedom Currency is yet to be launched.

It furthered that “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.

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

The BoG reiterated 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 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.”

Source: Fuseini

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