An unlawful cryptocurrency called “Freedom Coin” has been launched, according to the Bank of Ghana.
The central bank has been alerted to the planned beginning of this operation. It has therefore warned the public not to use or buy this new product.
The Bank of Ghana warned on March 9 that neither the cryptocurrency nor the promoter had been approved to operate in the banking and payment sector.
Bank of Ghana wants to remind that cryptocurrencies such as Bitcoin are not regulated by any laws in Ghana and are thus not backed by any warranties or protections.
“The Bank of Ghana cautions the people to be cautious while using cryptocurrencies. This includes banks, specialist deposit-taking institutions, dedicated electronic money issuers, and payment service providers. The whole populace is urged to take attention and follow suit.”
The BoG previously warned the public on March 8 not to interact with a cryptocurrency trading website called “BitCash Currency Exchange” that claims central bank clearance.
In a statement, the central bank denied licensing such a company or any other cryptocurrency exchange.
The BoG has urged the public not to deal with such firms. It has again reminded the public to check with the BoG or other relevant authorities about a person’s or entity’s licensing status before depositing cash or using services.
It was also announced in February that two online investment businesses, Hubtel Money Lending and Royal Gardens Network, were conducting unlawful online financial services.
They were not registered with either the Bank of Ghana or the Securities and Exchange Commission, according to EOCO (SEC).
Ashantibiz
