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Be cautious about 'Freedom coin' cryptocurrency in Ghana - BoG
Dr Ernest Addison - BoG Governor

Be cautious about 'Freedom coin' cryptocurrency in Ghana - BoG

The Bank of Ghana (BoG) has cautioned the public about an impending launch of a cryptocurrency named "Freedom Coin" in Ghana.

"It has come to the attention of Bank of Ghana that there is an impending launch of a cryptocurrency named “Freedom Coin,” the bank said.

{tweetme}"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," a statement dated March 9, 2022 issued by the Secretary of the BoG, Ms Sandra Thompson said.{/tweetme}

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, it added.

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.

It advised the public to take note and be guided accordingly.

Below is a copy of the BoG statement

BANK OF GHANA

NOTICE TO THE GENERAL PUBLIC ON A DIGITAL AND VIRTUAL CURRENCY OPERATION IN GHANA CALLED ‘FREEDOM COIN’

NOTICE NO BG/GOV/SEC/2022/03

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.

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.

For further enquiry, please contact the following:

Financial Stability Department
Bank of Ghana
7th Floor
Cedi House
1 Liberia Road
Accra, Ghana

Tel.: 030 266 5005;
WhatsApp: 059 691 2354; 050 150 2270
Email: [email protected]

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