Central Bank of Ghana Cautions Ghanaians on The Impending Launch of “SIDICOIN” Investment Scheme

The Central Bank of Ghana in a statement on Wednesday, 27 April has cautioned the general public in light of an impending launch of a cryptocurrency investment scheme named “SIDICOIN”.

The statement issued by the Central Bank of Ghana suggests that neither this investment scheme nor the Promoters of the company have obtained the approval of the Bank of Ghana, to operate in the banking and payment services sector.

“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.”

The general public is advised to exercise caution with regards to trading in cryptocurrencies and other unregulated investment schemes. The Bank further cautions 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.

This comes a month after the Central Bank of Ghana cautioned Ghanaians on the launch of “Freedom Coin” Cryptocurrency.