Freedom Coin: Bank Of Ghana Issues Strong Warning Against The Launch Of The Cryptocurrency
The Central Bank of Ghana has cautioned the general public against the launch of a crypto currency called “Freedom Coin”.
According to the financial institution licenser, it has on January 22, 2018, issued a notice that cryptocurrencies such as Bitcoin are not regulated under any law in Ghana.
“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.”
The Bank of Ghana has therefore “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,” BoG advised.