<\/p>\n
The Bank of Ghana (BoG) has warned the public about an impending launch of a cryptocurrency investment scheme named \u201cSIDICOIN\u201d in Ghana.<\/p>\n
According to a statement from the Central Bank, neither the cryptocurrency investment scheme nor its promoters have any approval from the Bank of Ghana to operate in the banking and payment services sector.<\/p>\n
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 \u201cSIDICOIN\u201d are not regulated under any law in Ghana.<\/p>\n
The new notice further advices the general public to exercise caution with regards to trading in cryptocurrencies and other unregulated investment schemes.<\/p>\n
The Bank of Ghana further cautioned all regulated institutions including banks, specialized 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.<\/p>\n
This adds to a number of 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 \u201cBitCash Currency Exchange\u201d.<\/p>\n
The general public has therefore been advised to contact the Financial Stability Department of the Bank of Ghana for further enquiries.<\/p>\n
Click here to read the full statement<\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" The Bank of Ghana (BoG) has warned the public about an impending launch of a cryptocurrency investment scheme named \u201cSIDICOIN\u201d in Ghana. According to a statement from the Central Bank, neither the cryptocurrency investment scheme nor its promoters have any approval from the Bank of Ghana to operate in the banking and payment services sector. […]<\/p>\n","protected":false},"author":1,"featured_media":1069202,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[1084,5842,913,2154,3582,10556,1102,170],"class_list":["post-1069200","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-bog","tag-cryptocurrency","tag-investment","tag-public","tag-scheme","tag-sidicoin","tag-stay","tag-warns"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1069200","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1069200"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1069200\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1069200"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1069200"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1069200"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}