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BoG warns Ghanaians against cryptocurrency called ‘Freedom Coin’
Ernest Addison, Governor of the BoG

BoG warns Ghanaians against cryptocurrency called ‘Freedom Coin’

The Bank of Ghana (BoG) has warned Ghanaians and the public against the launch of an unauthorized cryptocurrency named ‘Freedom Coin.’

According to the central bank, its attention has been drawn to an impending launch of this operation.

It has thus cautioned the public not to do business with or patronise this new product.

A statement issued by the BoG on Wednesday, March 9, 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.”

The BoG in an earlier statement on March 8 also cautioned the public against dealing with cryptocurrency exchange platform, “BitCash Currency Exchange” which claims to have approval from the central bank.

The central bank in a statement said it has not licensed such an entity or any other cryptocurrency exchange platform.

The BoG, has, therefore, advised the public to desist from dealing with such entities.

Again, it has urged the pubic to verify with the BoG or other relevant authorities, the licensing status of persons or entities, prior to depositing funds with them or patronising their services.

Also in February this year, the Economic and Organised Crime Office (EOCO) also served notice that two online investment services: Hubtel Money Lending and Royal Gardens Network are operating an illegal online financial service.

EOCO said the two online investment companies had not been registered by the Bank of Ghana (BoG) nor the Securities and Exchange Commission (SEC).

Credit: Bank of Ghana


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