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Stay away from ‘SIDICOIN’ cryptocurrency investment scheme – BoG warns public

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The Bank of Ghana (BoG) has issued a public warning regarding the planned launch of "SIDICOIN," a cryptocurrency investment program in Ghana.

According to a statement from the Central Bank, neither the cryptocurrency investment program nor its proponents have received permission to operate in the banking and payment services sector from the Bank of Ghana.

The Bank of Ghana goes on to add that, further 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 public is also advised to exercise caution while investing in cryptocurrencies and other unregulated investment schemes, according to the latest notice.

All regulated institutions, including banks, specialized deposit-taking institutions, dedicated electronic money issuers, and payment service providers, have been warned not to facilitate cryptocurrency transactions or unlicensed investment schemes through their platforms or agent outlets, according to the Bank of Ghana.

This follows a slew of warnings from the central bank this year, including one about Freedom Coin and another about a money-doubling operation called "BitCash Currency Exchange" that operates in Ghana.

The general public has been asked to contact the Bank of Ghana's Financial Stability Department for further information.

Read the full statement bellow

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Bank of Ghana BoG Central Bank Ghana SIDICOIN

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