Be cautious about ‘Freedom coin’ cryptocurrency in Ghana – BoG

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The Bank of Ghana (BoG) has cautioned the public about an impending launch of a cryptocurrency named “Freedom Coin” in Ghana.

“It has come to the attention of Bank of Ghana that there is an impending launch of a cryptocurrency named “Freedom Coin,” the bank said.

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, it added.

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.

It advised the public to take note and be guided accordingly.

Below is a copy of the BoG statement

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.

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

 

Source: Graphic.com.gh


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Kennedy Mornah is an Award Winning Ghanaian Journalist with over two decades of experience in the Ghanaian Media landscape spanning the electronic, print and digital media. He is a Media Consultant, a Corporate MC, Radio and TV Host, Founder and Publisher of the Maritime and Transport Digest Newspaper, Businessman, a Go getter and an optimist. He has worked for renowned media organizations including Diamond Fm in Tamale, Luv Fm in Kumasi, Oman Fm in Accra and Starr Fm in Accra In 2017 he received the Reporter of the Year Award at the Ghana Shippers Awards in Accra, Ghana.

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