The Bank of Ghana has warned the general public not to have anything to do with the new cryptocurrency named “Freedom Coin” being championed by Ghanaian millionaire Nana Kwame Bediako aka Cheddar or Freedom.
The announcement was spearheaded by the bank’s Secretary, Sandra Thompson on March 9, 2022.
According to the central bank, “It has come to the attention of Bank of Ghana that there is an impending launch of a cryptocurrency named “Freedom Coin”. 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,’” portions of the notice read.
The Bank stated that “cryptocurrencies such as Bitcoin are not regulated under any laws in Ghana, and are therefore not backed by any guarantees or safeguards.”