Tackle the weak Cedi, not my company – ‘Freedom Coin’ boss tells BoG

Businessman Nana Kwame Bediako, has reacted to the caution issued by the Bank of Ghana (BoG) against the impending launch of a cryptocurrency named “Freedom Coin” which belongs to him.

A statement issued by the central bank on Wednesday March 9 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.

Notice-on-Digital-Virtual-Currency-Operations-in-Ghana-Called-Freedom-Coin-9th-March-2022Download

“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.”

But in a tweet reacting to this, Nana Kwame Bediako said “Good morning Ghana our cedi is depreciating almost 8 cedis to a dollar. I think the Bank of Ghana has more to worry about than a Freedom coin that’s not even launched”.

Source:|3news.com|Ghana