Worry more about cedi depreciation - Freedom Jacob Caesar to BoG
Photo collage of Nana Kwame Bediako (Cheddar) and Bank of Ghana Headquarters
Freedom Coin launched
Read full articleBoG cautions against Freedom Coin
Cedi depreciating against dollar
Businessman Nana Kwame Bediako (Cheddar) has clapped back at the Bank of Ghana after its caution against the use of his yet to be launched cryptocurrency “Freedom Coin”.
Cheddar has been in the media space publicly announcing the coming of a cryptocurrency called the 'freedom Coin". In a video shared on his social media page scores of young people were seen cheering him on as he spoke about the Freedom Coin.
In a statement released by the Central Bank, it 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.
“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.”
But in a social media post, Nana Bediako also known as Cheddar stated the BoG should worry more about depreciating Cedi instead of focusing on his coin.
“Good morning, Ghana our cedi is depreciating almost GH¢8 cedis to a dollar. I think the Bank of Ghana has more to worry about than a Freedom coin that’s not even launched.”
The cedi is depreciating against the dollar speedily as a dollar is selling for GH¢7 and above at various forex bureaus.
However, the BoG has been warning the public against trading in cryptocurrencies from as back as 2018.
