‘Freedom Coin’ cryptocurrency not licensed and approved by Bank of Ghana – Public cautioned
The Bank of Ghana Headquarters
Cryptocurrencies such as Bitcoin are not regulated under any laws in Ghana – BoG
Read full articlePublic warned against engaging in cryptocurrency transactions
Banks, SDIs urged to refrain from facilitating cryptocurrency transactions
The Bank of Ghana has cautioned the general public against an impending launch of a cryptocurrency named “Freedom Coin”.
According to a statement on March 9, 2022 “Freedom Coin” has not been approved by the Bank of Ghana to operate in the banking and payment sector.
“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,” the BoG cautioned.
“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.
The central bank further advised the general public to exercise caution in respect of cryptocurrency transactions.
The Bank further directed 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.
