The Bank of Ghana has warned Ghanaians to be wary of the new cryptocurrency named “Freedom Coin” which is about to be launched in the country and purportedly being championed by Ghanaian millionaire Nana Kwame Bediako aka Cheddar or Freedom.
BoG’s Secretary, Sandra Thompson said any individual or company who deals with Freedom Coin does so at their own risk because they are illegal- as it were.
According to the central bank, “It has come to the attention of Bank of Ghana that there is an impending launch of a cryptocurrency named “Freedom Coin”. 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.
Cryptocurrencies such as Bitcoin are not regulated under any laws in Ghana, and are therefore not backed by any guarantees or safeguards. The general public to exercise caution in respect of cryptocurrency transactions.”
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.”
