Freedom Coin: Bank Of Ghana Warns Public About Freedom Jacob Caesar’s Upcoming Initiative

Freedom Coin: Bank Of Ghana Warns Public About Freedom Jacob Caesar’s Upcoming Initiative

  • The Bank of Ghana has warned the public about the Freedom Coin cryptocurrency because it is not licensed
  • The central bank says cryptocurrencies are not regulated by Ghana's laws and hence are not safe
  • The Freedom Coin is a business initiative owned by popular self-acclaimed millionaire, Freedom Jacob Caesar

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The Bank of Ghana has cautioned the public about the soon-to-be-launched ‘Freedom Coin’, said to be a cryptocurrency business owned by popular, self-acclaimed Ghanaian young millionaire, Freedom Jacob Caesar, also known as Cheddar.

In a statement published on its website on March 9, 2022, the central bank said the Freedom Coin has not secured the Bank of Ghana’s approval.

Freedom Coin bank of Ghana
Bank of Ghana has said the Freedom Coin has not been approved to operate in Ghana. Source: Facebook/@thebankofghana, @freedomjacobceasar
Source: Facebook

“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,” the statement warned.

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The central bank added that “cryptocurrencies such as Bitcoin are not regulated under any laws in Ghana, and are therefore not backed by any guarantees or safeguards.”

This, according to the Bank is in line with an official notice it issued on January 22, 2018 and published on the Bank of Ghana website

“The general public is to exercise caution in respect of cryptocurrency transactions,” the statement reiterated.

The Bank of Ghana 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.”

‘BitCash Currency Exchange’ Does Not Have Bank of Ghana Approval

On Wednesday, the Bank of Ghana also warned the general public that a money doubling scheme that operates under the name “BitCash Currency Exchange” is fraudulent.

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Beware of ‘fraudulent’ BitCash Currency Exchange – BoG warns public

In a statement, the BoG said the claim that BitCash’s operations have been approved is false.

“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,” the central bank said in the statement.

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