Bank of Ghana Cautions against Freedom Coin, other cryptocurrency

Businessman, Freedom Jacob Caesar, has launched what he termed the “Freedom Coin,” which he said has the potential of creating wealth for the youth.

In what seems like an introduction of a digital currency, “cryptocurrency,” he noted that the freedom coin is a “native coin” to create wealth that will give the youth some level of independence.

Addressing a gathering of youth mainly SHS students at Independence Square on 6th March 2022, he charged them to be in high anticipation of what he called the “Freedom Coin” which will liberate and create wealth.

Addressing the media, he noted that details will be communicated to the public in the coming days. “I won’t put out any date or further details. Just wait for the freedom coin. ”
This is just a launch of the Freedom coin to let the public know what is coming, he added.

Just wait for the freedom coin. ” This is just a small launch of the Freedom coin to let you be aware that Freedom is coming; wealth is coming, ” he stressed.

Meanwhile, the Bank of Ghana has since cautioned the public against cryptocurrency and its related trading activities.

“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.” the Central Bank said.