Stay away from the “Freedom coin” cryptocurrency – BoG warns the public

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

According to a statement from the Central Bank, the cryptocurrency and its promotion company have no “approval from the Bank of Ghana to operate in the banking and payments sector.”

The Bank reiterated that cryptocurrencies such as Bitcoin are not regulated by any law in Ghana and therefore do not come with any guarantees or protections.

It further ordered “all licensed institutions, including banks, specialized depository institutions, dedicated e-money issuers and payment service providers, to refrain from facilitating cryptocurrency transactions via their platforms or agent outlets”.

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

BitCash Currency Exchange

The Bank of Ghana a few days ago warned the general public against sponsoring a money doubling system operating in Ghana under the name “BitCash Currency Exchange”.

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

A Bank statement explained that unsuspecting recipients of messages and hyperlinks regarding BitCash Currency Exchange who then click on the hyperlink or forward these messages compromise the security of their funds, WhatsApp accounts and other social media, as well as that of friends and family on their contact list.

The general public has therefore been advised to do the following when they receive such messages or hyperlinks:

  • Delete these messages as soon as they are received and refrain from forwarding them to others.
  • Remove any member of social media platforms from which such messages are received, as their accounts may have been compromised.
  • Check with the Bank of Ghana or other competent authorities, the license status of persons or entities, before depositing funds with them or frequenting their services.
  • Place deposits only with institutions approved by the Bank of Ghana, so that they can enjoy the necessary protection under applicable banking laws.
  • Review and familiarize yourself with the 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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