BoG warns public about patronising ‘Freedom Coin’

The Bank of Ghana (BoG) has warned the public against patronising a digital and virtual currency called “Freedom Coin.”

 A statement issued by the BoG on Wednesday said it had come to its attention of an impending launch of a crypto currency named “Freedom Coin.”

“The public is hereby cautioned that neither this crypto currency nor the promoting company has approval from Bank of Ghana to operate in the banking and payment sector,” the BoG said.

It said crypto currencies such as Bitcoin were not regulated under any laws in Ghana, and were therefore not backed by any guarantees or safeguards.

“BoG advises the general public to exercise caution in respect of crypto currency transactions,” the statement warned.

The BoG directed all licensed institutions including banks, specialised deposit-taking institutions, dedicated electronic money issuers and payment service providers to refrain from facilitating crypto currency transactions via their platforms or agent outlets.

It urged the general public not to patronise Freedom Coin and visit the Financial Stability Department BoG at the 7th Floor Cedi House 1 Liberia Road Accra, Ghana, to enquire about companies licensed by the BoG to operate banking and financial a business.

BY KINGSLEY ASARE

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