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Be cautious about 'Freedom coin' cryptocurrency in Ghana - BoG


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.

"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," a statement dated March 9, 2022 issued by the Secretary of the BoG, Ms Sandra Thompson 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.


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