BoG cautions against new cryptocurrency ‘Sidicoin’

Sidicoin not licensed by BoG

Public warned against cryptocurrencies

The Bank of Ghana is cautioning the general public against a new cryptocurrency Sidicoin which is set to be launched soon.

According to the Central Bank the investment scheme has not been licensed nor has approval been sought to operate.

“Bank of Ghana has taken note of the impending launch of a cryptocurrency investment scheme named “SIDICOIN”. The public is hereby cautioned that neither this investment scheme nor the Promoters of the company have obtained the approval of Bank of Ghana, to operate in the banking and payment services sector.”

However, the BoG continued to reiterate its stance on trading in cryptocurrencies in the country.

It however stated that cryptocurrencies and other unregulated investment schemes have not been licensed to operate in Ghana.

“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. The general public is advised to take note and be guided accordingly.”

Read full release here: