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“Freedom Coin” denied “Freedom” to operate in Ghana

The Central Bank of Ghana (BoG), in a statement signed by Sandra Thompson, The Secretary, BoG, has cautioned the entire public that the impending launch of a cryptocurrency named “Freedom Coin” has not received approval to operate in the banking and payment sector.

This comes after a video of Ghanaian businessman and real-estate entrepreneur, Freedom Jacob Caesar, speculating on the cryptocurrency’s introduction in Ghana went viral on social media.

According to the Bank of Ghana, cryptocurrencies such as Bitcoin are not regulated under any laws in Ghana and are therefore not backed by any guarantees or safeguards. This, it explains, is in line with notice NO.BG/GOV/SEC/2018/02 issued on January 22nd, 2018. It thereby advises the general public to exercise caution in respect of cryptocurrency transactions.

Read full statement below;

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.

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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