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

It has come to the attention of Bank of Ghana that there is an impending launch of a cryptocurrency named “Freedom Coin,” the bank said.

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 law in Ghana, and are therefore not backed by any guarantee or safeguard, it added.

Bank of Ghana advises the general public to exercise caution in respect of cryptocurrency transactions.

The Bank further directs 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.

It advised the public to take note and be guided accordingly.

Below is the full statement: