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.


 “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


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

Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.

Featured Video

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.


ghparrot.com.gh is one of the fastest growing news hubs in Ghana. It is managed by Nukunu Media Inc. a Ghanaian non-partisan, non-profit organization focused on the delivery of news reportage and documentaries ranging from education, health and socioeconomic lives of Ghanaians across the country necessary for the development and inclusion of deprived communities in the developmental, decentralization and democratic process of the country.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button