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.

 “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.


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