Stay away from ‘SIDICOIN’ cryptocurrency investment scheme – BoG warns public

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.

The Bank of Ghana 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.

This adds to a number of notices issued by the central bank this year warning the public to desist from similar schemes such as Freedom Coin and a money-doubling scheme operating in Ghana under the name “BitCash Currency Exchange”.

The general public has therefore been advised to contact the Financial Stability Department of the Bank of Ghana for further enquiries.

Below is the full statement.

BOG Notice BG-GOV-SEC-2022-06 – Cryptocurrency Investment Scheme Called Sidicoin – 27 04 22