The Bank of Ghana (BoG) has notified the general public about a digital and virtual currency being introduced to Ghanaians called the ‘freedom coin’.
BoG said that it has come to its attention that there is an impending launch of the cryptocurrency.
A statement issued by BoG on 9 March 2022 indicated that, “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”.
The statement further noted that a directive issued on 22 January 2018 on the Central Bank’s website, reiterates that cryptocurrencies such as Bitcoin are not regulated under any laws in Ghana and are therefore not backed by any guarantees or safeguard.
The BoG, therefore, advised the general public to exercise caution in respect of cryptocurrency transactions.
“All licensed institutions including banks, specialised in deposit-taking institutions, dedicated electronic money issuers and payment service providers to refrain from facilitating cryptocurrency transactions on their platform or agents’ outlets,” BoG added.
Bainatv.com.gh/Ayisha Muktar
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