Be careful of cryptocurrency SIDICOIN – BoG warns

BoG to boost reserves by $500m
Bank of Ghana

By: Antionette Abbah                                                             

The Bank of Ghana (BoG) has cautioned the public to be wary of transacting business with a cryptocurrency investment scheme called ‘Sidicoin’.

According to the Central Bank, the scheme and its promoters have not obtained the required approval to operate in the banking and payment services sector.

A statement by the Bank asked the public to exercise caution with regards to trading in cryptocurrencies and other unregulated investment schemes.

It 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.

The statement said persons who may want to seek further clarification on the issue at the Bank are encouraged to  contact the Bank’s Financial Stability Department.

BELOW IS THE FULL STATEMENT

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