The Bank of Ghana (BoG) says that it has come to its attention that there is an impending launch of a cryptocurrency named “Freedom Coin”.
It has therefore cautioned that public neither this cryptocurrency nor the promoting company has approval from Bank of Ghana to operate in the banking and payment sector.
The Bank therefore stated in line with notice NO.BG/GOV/SEC/2018/02 issued on 22nd January 2018, which can be found on the Bank’s website, Bank of Ghana reiterated that cryptocurrencies such as Bitcoin are not regulated under any laws in Ghana, and are therefore not backed by any guarantees or safeguards.
Bank of Ghana therefore advised the general public to exercise caution in respect of cryptocurrency transactions.
The Bank 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.
“The general public is hereby advised to take note and be guided accordingly. For further enquiry, please contact the following: Financial Stability Department Bank of Ghana 7th Floor Cedi House 1 Liberia Road Accra, Ghana Tel.: 030 266 5005; WhatsApp: 059 691 2354; 050 150 2270 Email: complaints.office@bog.gov.gh,” the release said.
It was dated 9th March, 2022 and signed by Ms. Sandra Thompson, the Secretary, Bank of Ghana.
MONEY DOUBLING
Meanwhile Bank of Ghana has cautioned the general public against a money doubling scheme which operates under the name “BitCash Currency Exchange” and claims to have approval from Bank of Ghana.
“By this Notice Bank of Ghana wishes to inform the general public that it has not licensed such an entity or any other cryptocurrency exchange platform. This fraudulent scheme does not reward investors as promised.
“Unsuspecting recipients of such messages who 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 statement said.
The general public was advised to delete such messages upon receipt and desist from forwarding them to others.
People were also cautioned to remove any member(s) on social media platforms from whom such messages are received as their accounts may have been compromised.
The public were cautioned to verify with Bank of Ghana or other relevant authorities, the licensing status of persons or entities, prior to depositing funds with them or patronising 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 familiarise themselves with Bank of Ghana’s notice on ‘Money Doubling’ and ‘Card Loading systems’ titled NOTICE NO. BG/GOV/SEC/2020/12 which can be found on the Bank’s website. The general public is encouraged not to engage in such activities and to report such illegal activities and illegal operators, to Bank of Ghana at: Financial Stability Department Bank of Ghana Cedi House 1 Thorpe Road P. O. Box 2674 Accra, Ghana Tel.: 030 266 5005; 059 691 2354; 050 150 2270 Email: complaints.office@bog.gov.gh
“The general public is hereby advised to take note and be guided accordingly,” the statement said.
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