Freedom Coin: Millionaire Cheddar jabs Bank of Ghana For Issuing Public Warning About His Cryptocurrency

Freedom Coin: Millionaire Cheddar jabs Bank of Ghana For Issuing Public Warning About His Cryptocurrency

  • Owner of Freedom Coin, an upcoming cryptocurrency, has taken issues with a public alert issued by the Bank of Ghana.
  • Nana Kwame Bediako has told the central bank to focus on improving the fortunes of the depreciating cedi against the US dollar
  • The Bank of Ghana insists that cryptocurrencies are not safe because they are not regulated by any law in Ghana

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The owner of the recently publicised Freedom Coin has jabbed the Bank of Ghana for issuing a public warning about his cryptocurrency business.

Freedom Coin is owned by a young businessman and self-acclaimed millionaire and businessman, Nana Kwame Bediako, aka Freedom Jacob Caesar.

He has said the central bank should be focusing more on the depreciation of the cedi against the US dollar instead of his yet-to-be-launched business.

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Freedom Coin: Bank of Ghana cautions public, says it is unlicensed

Freedom Jacob Caesar and Dr Ernest Addison
Freedom Jacob Caesar (L) and Governor of Bank of Ghana, Dr Ernest Addison. Source: Facebook/@freedomjacobceasar, @thebankofghana
Source: Facebook

“…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 said in a tweet on Thursday, March 10, 2022.

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The Bank of Ghana on Wednesday cautioned the public against buying into the new cryptocurrency.

The central bank said because cryptocurrencies are not regulated by Ghana’s laws, investing money in them is not safe.

“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 Bank of Ghana said in the March 9, 2022, public alert.

Read also

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

Many say the sharp response by the young business man is similar to events leading to the collapse of Nana Appiah Mensah’s defunct Menzgold.

The now-defunct gold dealership firm has now been seen by many as a well-branded Ponzi scheme that was used to dupe hundreds of unsuspecting Ghanaians.

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

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

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.

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

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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.

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.

“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.

Source: YEN.com.gh

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