The Bank of Ghana (BoG) has warned the public about an impending launch of a cryptocurrency investment scheme named “SIDICOIN” 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. 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 “SIDICOIN” are not regulated under any law in Ghana. The new notice further advices the general public to exercise caution with regards to trading in cryptocurrencies and other unregulated investment schemes.
Below is the full statement from the Central Bank:
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