Freedom Coin Investment has stated that the claim that its yet to be launch product is a cryptocurrency and was a creation of the media, because the company has never said anywhere and at anytime what the product is.
It therefore rubbished the hasty manner in which the Bank of Ghana (BoG) released a statement warning the public and creating the impression that Freedom Coin is a cryptocurrency not licensed by the BoG.
The BoG on March 9, 2022 issued a public notice cautioning Ghanaians and licensed financial institutions against dealing with or transacting in Freedom Coins or any other cryptocurrency, saying that the BoG has not licensed any of those products.
In a statement Media Relations Manager of Freedom Coin, Gideon Williams, the company described the BoG caution to the public about Freedom Coin as “premature”, fueled by media speculation that Freedom Coin is a cryptocurrency.
“Freedom Coin was announced at the Black Star Square on Ghana’s Independence Day, 6th March 2022, but no specifics were given about what the product was going to be and how it will fit within the current financial system. The only mentions of Freedom Coin as a cryptocurrency were speculations by the media,” it said.
The company said, while it acknowledges 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 BoG was aware of some nefarious activities by Freedom Coin, but that is not the case.
“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, but they did not,” the statement said.
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 also take 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 pre-empt 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.
Gideon Williams
Media Relations,
Freedom Coin
Email: info@FreedomCoinFJCncom.
