Freedom Coin: Company describes BoG’s caution to the public as premature
Public Relations Manager for alleged cryptocurrency company, Freedom Coin, Gideon Williams, has described as premature, the Bank of Ghana’s (BoG) caution to the general public to desist from the use of the digital currency as it has not been licensed for use.
In a notice issued by the BoG on Wednesday, March 9, 2022, the Central Bank reiterating it’s ban on cryptocurrencies, cautioned 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.
But in a reaction to the BoG’s notice issued on March 9, Mr Williams noted that mentions of Freedom Coin being a cryptocurrency were mere speculations by the media as no specifics on what Freedom Coin was going to be and how it would fit within the current financial system.
Adding that, the speed with which the apex bank issued its statement on the product created the impression that they were aware of some nefarious activities from Freedom Coin which is not case.
“While we understand it is the duty of the Central Bank of Ghana to take the necessary steps to prevent individuals or groups in the country from creating financial instruments that could threaten the economic situation of the country, we find the message to be premature on their part,” the statement said.
It read further saying,”While we acknowledge the Central Bank’s desire to preempt the potential for fraudulent activity, the speed with which the statement was made, has created the impression that they are aware of nefarious activities from Freedom Coin and that is categorically false.”
Read details of the press statement by Freedom Coin:
