The Bank of Ghana, has cautioned the general public to be wary of transacting business with a cryptocurrency investment scheme called ‘Sidicoin’.
The Central Bank says that the scheme has not been approved to do business in the country’s banking and payment services sector adding that cryptocurrency schemes in general do not have the blessing of the bank to operate in the country currently.
According to a press statement released by the Bank of Ghana, it alluded to previous notices it has issued on such schemes, in particular Notice NO. BG/GOV/SEC/2018/02, it will like to underscore the fact that cryptocurrency investment schemes like the “SIDICOIN” are not regulated under any law in Ghana.
The new notice further advices the general public to exercise caution with regards to trading in cryptocurrencies and other unregulated investment schemes.
The Bank of Ghana further cautioned all regulated institutions including banks, specialized deposit-taking institutions, dedicated electronic money issuers and payment service providers to desist from facilitating cryptocurrency transactions and unlicensed investment schemes, through their platforms or agent outlets.
Attached is the full statement from the BoG.
This adds to a number of notices issued by the central bank this year warning the public to desist from similar schemes such as Freedom Coin and a money-doubling scheme operating in Ghana under the name “BitCash Currency Exchange”.
The general public has therefore been advised to contact the Financial Stability Department of the Bank of Ghana for further enquiries.
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