Deal With Freedom Coin At Your Own Risk- Bank of Ghana Warns Ghanaians

By | March 11, 2022
Deal With Freedom Coin At Your Own Risk- Bank of Ghana Warns Ghanaians

The Bank of Ghana has warned Ghanaians to be wary of the new cryptocurrency named “Freedom Coin” which is about to be launched in the country and purportedly being championed by Ghanaian millionaire Nana Kwame Bediako aka Cheddar or Freedom.

BoG’s Secretary, Sandra Thompson said any individual or company who deals with Freedom Coin does so at their own risk because they are illegal- as it were.

According to the central bank, “It has come to the attention of Bank of Ghana 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.

Cryptocurrencies such as Bitcoin are not regulated under any laws in Ghana, and are therefore not backed by any guarantees or safeguards. The general public to exercise caution in respect of cryptocurrency transactions.”

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.”

Today’s latest update confirms, Deal With Freedom Coin At Your Own Risk- Bank of Ghana Warns Ghanaians and here is all the update from Bank Of Ghana Notice To The General Public.


BANK OF GHANA

NOTICE TO THE GENERAL PUBLIC ON A DIGITAL AND VIRTUAL CURRENCY OPERATION IN GHANA CALLED ‘FREEDOM COIN’

NOTICE NO BG/GOV/SEC/2022/03

It has come to the attention of Bank of Ghana 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.

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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.

For further enquiry, please contact the following:

Financial Stability Department
Bank of Ghana
7th Floor
Cedi House
1 Liberia Road Accra, Ghana

Tel.: 030 266 5005;
WhatsApp: 059 691 2354; 050 150 2270

Email: complaints.office@bog.gov.gh

(SGD)
SANDRA THOMPSON (MS.) THE SECRETARY

9th MARCH 2022

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