BoG reiterates ban on cryptocurrencies over impending launch of “Freedom Coin”
The Bank of Ghana (BoG) has reiterated that cryptocurrencies are not regulated under any laws in Ghana as well as backed by any guarantees or safeguards.
The reiteration of the Central Bank’s ban on cryptocurrencies is contained in a notice issued on Wednesday, March 9, 2022, cautioning the public about the impending launch of a cryptocurrency called “Freedom Coin.”
In the notice, the BoG posited that neither the cryptocurrency nor the company promoting the digital currency has approval from the BoG to operate in the country’s banking and payment sector.
“Bank of Ghana advises the general public to exercise caution in respect of cryptocurrency transactions,” said the Bank.
The apex bank further in its notice, 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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Cryptocurrency: BoG denies approving a license for BitCash Currency Exchange
Meanwhile, the Central Bank has also denied claims that it has approved a license for cryptocurrency exchange platform, BitCash Currency Exchange.
According to the Central Bank, the cryptocurrency exchange platform is a fraudulent money doubling scheme that does not reward investors as promised.
In a notice issued on Tuesday, March 8, 2022, the Central Bank noted that recipients of messages containing a hyperlink to the exchange platform compromise the safety of their funds.
The apex bank therefore advised the general public to delete such messages upon receipt and also desist from forwarding them to others.
The BoG also urged social media groups to remove from their platforms members from whom such messages are received as their accounts may have been compromised.
