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BoG-Warns-Public-About-Activities-Of-Sidicoin

The Bank of Ghana has warned the public against transacting business with a cryptocurrency investment scheme called ‘Sidicoin’.

The Central Bank said neither the scheme nor its promoters had obtained the required approval to operate in the banking and payment services sector.

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 “The general public is advised to exercise caution with regards to trading in cryptocurrencies and other unregulated investment schemes”, the Bank said in a statement issued on Wednesday.

The statement said the Central Bank had taken note of the impending launch of a cryptocurrency investment scheme named “SIDICOIN”.

“Further to previous notices issued by Bank of Ghana on such schemes, in particular Notice NO. BG/GOV/SEC/2018/02, Bank of Ghana underscores the fact that such schemes are not regulated under any law in Ghana,” it said

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The Bank further cautioned all regulated institutions including banks, specialised 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.

Source: ghanaiantimes.com.gh

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