The Bank of Ghana (BoG) has warned the general public against a new crypto currency investment scheme called ‘SIDICOIN’, noting that it does not have any approval from the Central Bank, therefore it is illegal.

In a statement issued by the Financial Stability Department of Bank of Ghana, the Central Bank dismissed ever granting license to ‘SIDICOIN’ or any other crypto currency platform, contrary to the widely circulated claims that it has an approval from the Central Bank

“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.”
BoG

The Bank of Ghana noted that the laws of the country does not give room for the operation of crypto currency at least for now. The Bank of Ghana therefore advised the public to quickly exit the platform and stop introducing people to it.

“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.”
BoG

The Central Bank further urged Ghanaians to block any unauthorized and unfamiliar individuals who contact them in the name of an investment scheme.

“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 crypto currency transactions and unlicensed investment schemes, through their platforms or agent outlets. The general public is advised to take note and be guided accordingly.”
BoG

A similar call was made by Reverend Dr. Samuel Worlanyo Mensah, the Executive Director of Centre for Greater Impact Africa. He also cautioned the public against investing in crypto currencies as the Bank of Ghana (BoG) is yet to license it, making it a high-risk venture. He explained that until the Bank of Ghana starts regulating cryptocurrency investments in the country, it is not advisable to invest in it.

“Regarding the growing cryptocurrency trade in the country, the Ghana Revenue Authority (GRA) should liaise with the BoG and the SEC to regulate the sector properly. They must enact legislations to control this particular trade properly in order to avert potential fraudulent activities with it.”
Dr. Samuel Worlanyo Mensah

Meanwhile, this adds to the growing list of warnings to illegal crypto currency. Just recently, the BoG warned against BitCash crypto Currency Exchange platform.

However, a Financial Expert and Private Legal Practitioner, Christian Malm-Hesse, has called on the Securities and Exchange Commission, Ghana (SEC) and the Bank of Ghana (BoG) to legalize and regulate the crypto currency market in the country. According to the expert, crypto currency is gradually growing in the country and must be regulated, and the only way to regulate it is to legalize it.