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SIDICOIN Cryptocurrency not regulated: Bank of Ghana cautions

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The Bank of Ghana has served a notice cautioning the general public to exercise restraint and not invest in the yet to be launched SIDICOIN cryptocurrency. This was contained in a public notice signed by the Secretary, Miss Sandra Thompson and published on its website.

BoG warned that neither the investment scheme nor the promoters of the company have obtained approval from the regulatory body to operate in the banking and payment service sector.

The notice released by the Bank of Ghana also contained that, “further to previous notices issued by the Bank of Ghana on such schemes, in particular Notice NO. BG/GOV/SEC/2018/02, Bank of Ghana underscores the fact that cryptocurrencies are not regulated under any law in Ghana.”

“All regulated institutions, specialized deposit-taking institutions, dedicated electronic money issuers and payment service providers” were also cautioned to desist from facilitating cryptocurrency transactions and unlicensed investment schemes, through their platforms or agent outlets.

The Central Bank earlier this year served out similar notices to the general public about a similar cryptocurrency investment scheme known as Freedom Coin and a money-doubling scheme operating in Ghana under the name “BitCash Currency Exchange”.

The notice further directed the general public who may want to seek further clarification on the issue can contact the Financial Stability Department of Bank.

Read full statement below:

A1radioonline.com|101.1MHz|Gerard Awombadek Asagi|Ghana

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