The company behind Freedom Coin has described the cautionary statement released by the Bank of Ghana (BoG) concerning its yet-to-be-released product as premature.
The company in a statement signed by its Media Relations Officer, Mr Gideon Williams said although Freedom Coin was announced on March 6, 2022, no details were given about how it would fit into the current financial system.
The BoG on March 9, 2022, cautioned the public about the impending launch of “Freedom Coin” which it described as a cryptocurrency.
However, the Freedom Coin organisation maintains that the only mentions of Freedom Coin as a cryptocurrency were speculations by the media.
Acknowledging that it is the duty of the Central Bank to guard the country’s economic situation from financial instruments that could threaten the sector, Freedom Coin said the BoG had failed to engage them before releasing the cautionary statement.
“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 find the message to be premature on their part,” the statement said.
“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”.
The company said it would in the coming days provide the general public with more information about Freedom Coin.
“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”.
