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BoG posture towards ‘Freedom Coin’ premature – Management

Freedom Coin File photo: Bitcoin and Freedom coin

Fri, 11 Mar 2022 Source: starrfm.com.gh

The Management of Freedom Coin has described as premature the Bank of Ghana’s statement on their planned Coin launch.

Freedom Coin was announced at the Black Star Square on Ghana’s Independence Day, 6th March 2022.

In a statement, the company explained that after the announcement, “however, there were no specifics given about what the product was going to be and how it would fit within the current financial system.

“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 Media Relations for Freedom Coin, Gideon Williams disclosed.

The Bank of Ghana (BoG) has warned Ghanaians against trading in the yet-to-be-launched cryptocurrency.

“The public is hereby cautioned that neither this cryptocurrency nor the promoting company has approval from Bank of Ghana to operate in the banking and payment sector.

“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 wishes to reiterate that cryptocurrencies such as Bitcoin are not regulated under any laws in Ghana, and are therefore not backed by any guarantees or safeguards,” BoG disclosed.

In responding to the Bank of Ghana, Freedom Coin said the Central Bank has fallen victim to media misrepresentation of their brand.

“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.

“We did not need the approval of the Bank of Ghana for our announcement. Freedom Coin would have answered all BoG questions if they had reached out for an official inquiry, they did not,” Mr. Williams stated.

Source: starrfm.com.gh