Stay away from SIDICOIN – Bank of Ghana warns Ghanaians
A word of caution has been sent from the Bank of Ghana to Ghanaians about an impending launch of a cryptocurrency investment scheme named ‘’SIDICOIN” in Ghana.
The Central Bank revealed in its statement that neither the cryptocurrency investment scheme nor its promoters have any approval from the Bank of Ghana to work in the banking and payment services sector.
It went on to add that, further to previous notices it has issued on such schemes, in particular Notice NO. BG/GOV/SEC/2018/02, will like to underscore the fact that cryptocurrency investment schemes like the “SIDICOIN” are not regulated under any law in Ghana.
Also, it cautioned the general public to be careful about trading in cryptocurrencies and other unregulated investment schemes.
All regulated institutions including banks, specialized deposit-taking institutions, dedicated electronic money issuers and payment service providers are advised not to facilitate cryptocurrency transactions and unlicensed investment schemes through their platforms or agent outlets.
This adds to the numerous 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.
