WARNING: Stay away from ‘Freedom Coin’ cryptocurrency – Bank of Ghana

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

According to a statement from the Central Bank, the cryptocurrency and its promoting company do not have any” approval from the Bank of Ghana to operate in the banking and payment sector”.

The Bank reiterated that cryptocurrencies such as Bitcoin are not regulated under any laws in Ghana, and are therefore not backed by any guarantees or safeguards.

It further directed “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”.

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“The general public is hereby advised to take note and be guided accordingly,” the statement added.

BitCash Currency Exchange

The Bank of Ghana, a few days ago, cautioned the general public against the patronage of a money-doubling scheme operating in Ghana under the name “BitCash Currency Exchange”.

According to the Bank, the scheme which falsely claims to have its approval is a fraudulent one and does not reward investors as promised.

A statement from the Bank explained that unsuspecting recipients of messages and hyperlinks about BitCash Currency Exchange who subsequently click on the hyperlink or forward such messages compromise the safety of their funds, their WhatsApp accounts and other social media profiles, as well as those of friends and family on their contact list.

The general public was thus advised to do the following when they receive such messages or hyperlinks:

– Delete such messages upon receipt and desist from forwarding them to others.

– Remove any member(s) on social media platforms from whom such messages are received as their accounts may have been compromised.

– Verify with Bank of Ghana or other relevant authorities, the licensing status of persons or entities, prior to depositing funds with them or patronizing their services.

– Place deposits only with institutions licensed by the Bank of Ghana, in order that they may be accorded the necessary protection under the applicable banking laws.

– Review and familiarize themselves with Bank of Ghana’s notice on ‘Money Doubling’ and ‘Card Loading systems’ which can be found on the Bank’s website.

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