The Bank of Ghana (BoG) is warning the public about the planned introduction of “Freedom Coin,” a cryptocurrency.
The central bank declared in a statement on March 9, 2022 that it has neither licensed such cryptocurrency or the marketing company to function in the banking and payment sectors.
“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.”