Central Bank of Ghana Cautions Ghanaians on The Impending Launch of “Freedom Coin” Cryptocurrency

The Central Bank of Ghana in a statement on Wednesday, March 9 has cautioned the general public in light of an impending launch of a cryptocurrency named “Freedom Coin”.

The statement issued by the Central Bank of Ghana suggests that the cryptocurrency nor the promoting company has no approval from the Central Bank of Ghana to operate in the Ghanaian 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”

This comes a day after the Central Bank of Ghana denied claims about a money doubling scheme that operates under the name “BitCash Currency Exchange” and claims to have approval from the Central Bank of Ghana.