Freedom Coin says the press release by the Bank of Ghana concerning Freedom Coin on Wednesday 9th March 2020 is premature on their part.
The Bank of Ghana (BoG) cautioned the general public that it has not approved any firm to trade in a cryptocurrency called ‘Freedom Coin’.
In a press release issued by the central bank earlier in the week, it says it has learned of the impending launch of the supposed cryptocurrency.
The public is advised to be wary and note that the company behind Freedom Coin is not licensed to operate in the banking and payment system.
“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,” parts of a release issued by BoG and signed by its Secretary Sandra Thompson reads.
It adds, “Bank of Ghana advises the general public to exercise caution in respect of cryptocurrency transactions.”
In reaction, Gideon Williams, the Media Relations Officer in a statement said Freedom Coin as a cryptocurrency is not a fraudulent venture.
He indicated that the speed with which the BoG statement was made has created the impression that Freedom Coin is pondzi scheme.
“We did not need the approval of the Bank of Ghana for our announcement,” he stated.
Below is the full press release:
Attn:
All Media Houses
The Financial Community, The Ghanaian Public, and Africa.
We have become aware of the public notice, issued by the Bank Of Ghana concerning Freedom Coin on Wednesday, 9th March 2022. While we understand it is the duty of the central bank of Ghana to take the necessary steps to prevent individuals or groups in the country from creating financial instruments that could threaten the economic situation of the country. we tind the message to be premature on their part.
Freedom Coin was announced at the Black Star Square on Ghana’s Independence Day, 6th March 2022, However, there were no specifics given about what the product was going to be and how it would fit within the current financial system, The only mentions of Freedom Coin as a cryptocurrency were speculations by the media. While we acknowledge the central bank’s desire to preempt the potential for fraudulent activity, the speed with which the statement was made, has created the impression that they are aware Of nefarious activities from Freedom Coin and that is categorically false. We did not need the approval of the Bank of Ghana for our announcement, Freedom Coin would have answered all BOG questions if they had reached out for an official inquiry, They did not.
We understand their apprehension, due to the existential challenges that a centralised system has with a decentralised system. We have specific plans to send out information to the general public in the coming days, weeks and months about the full scope of Freedom Coin.
We know the statement has cast doubt in the minds of people and we understand this sentiment We want to implore you to exercise patience and make a decision for yourself once more details become public,
To those who have continued to show their support, thank you. Your sincere anticipation of Freedom Coin will not be in vain.
