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    DDEP: Government hopeful bondholders will register for programme

    5 important things to know about the African Continental Free Trade Area agreement

    DDEP: Non-participation will prolong efforts to revive economy – Ofori-Atta

    We need IMF bailout in March or economy will crash – Ofori-Atta to pensioners

    Idris Elba adds Ghana to the list of African countries he wants to partner with

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Pensioners to picket at Finance Ministry over DDE

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    Nigeria ranks number one globally for cryptocurrency usage and ownership

    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

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    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

    E-commerce in Ghana – statistics & facts

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    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

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BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

byBobbie Osei
March 8, 2022
in Banking And Finance, TECHNOLOGY, Top Stories
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The Bank of Ghana is cautioning the general public against the patronage of a money-doubling scheme operating in Ghana under the name “BitCash Currency Exchange”.

According to the Central Bank, the scheme which falsely claims to have its approval is a fraudulent one.

A notice dated 8th March, 2022, warns the general public that the Bank of Ghana has not licensed the entity called BitCash Currency Exchange or any other cryptocurrency exchange platform for that matter.

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According to the Central Bank the fraudulent scheme does not reward investors as promised.

It goes on to add that unsuspecting recipients of messages and hyperlinks about BitCash Currency Exchange, who subsequently click on the hyperlink or forward such messages compromise the safety of their funds, their WhatsApp accounts and other social media profiles, as well as those of friends and family on their contact list.

The general public is thus advised to do the following when they receive such messages or hyperlinks:

  1. Delete such messages upon receipt and desist from forwarding them to others.
  2. Remove any member(s) on social media platforms from whom such messages are received as their accounts may have been compromised.
  3. Verify with Bank of Ghana or other relevant authorities, the licensing status of persons or entities, prior to depositing funds with them or patronizing their services.
  4. Place deposits only with institutions licensed by the Bank of Ghana, in order that they may be accorded the necessary protection under the applicable banking laws.
  5. Review and familiarize themselves with Bank of Ghana’s notice on ‘Money Doubling’ and ‘Card Loading systems’ which can be found on the Bank’s website.

The bank of Ghana finally urged the general public to report such illegal activities and illegal operators, to it at the Cedi House in Accra or call the numbers 0302665005, 0596912354 or 0501502270 or email them via complaints.office@bog.gov.gh.

Find the full statement below;

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