BoG warns public over ‘Sidicoin’ cryptocurrency investment scheme

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The Bank of Ghana (BoG) has cautioned the public about an impending launch of a cryptocurrency investment scheme named “SIDICOIN” in Ghana.

In a statement on Wednesday, the Bank said 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.

The new notice further urged the general public to exercise caution with regards to trading in cryptocurrencies and other unregulated investment schemes.

The Bank of Ghana added that, it has issued a number of notices 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 “BitCash Currency Exchange”.