The Bank of Ghana (BoG) says it has not approved cryptocurrency “Freedom Coin” nor its promoting company.
The Central Bank, in a statement, said its attention was drawn to the 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,” it 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,” it warned.
It further stated that Bitcoins were, therefore, not backed by any guarantees or safeguards.
The Bank of Ghana advised the “general public to exercise caution in respect of cryptocurrency transactions.”
The Bank further directed 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.