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Following some publicity promotions made ahead of a yet-to-be-launched cryptocurrency named “Freedom Coin,” the Bank of Ghana in a release, cautioned the public against trading in the new cryptocurrency.
According to the BoG, persons hoping to trade in Freedom Coin will be doing so at their own risk as the cryptocurrency and other versions are “not regulated under any laws in Ghana, and are therefore not backed by any guarantee of safeguards.”
In a related development however, the brain behind Freedom Coin, Nana Kwame Bediako alias Freedom Jacob Caesar or Cheddar, has clapped back at the country’s financial sector regulator.
According to the businessman, the Bank of Ghana as an institution has more pressing issues to deal with and therefore must focus on dealing with such matters instead of being fixed on his yet-to-be-launched cryptocurrency.
He cited the current rate of the Cedi against the dollar as one of the things BoG should rather be focused on.
“Good morning Ghana our cedi is depreciating almost 8 cedis to a dollar. I think the Bank of Ghana has more to worry about than a Freedom coin that’s not even launched,” he posted on Twitter.
Currently, Ghana’s local currency is trading around ¢7 to a dollar.
Meanwhile the Bank of Ghana as far back as August 2018 cautioned Ghanaians against the use, holding, and trading of virtual or digital currencies in the cryptocurrency space.
Source: www.ghanaweb.com
