• About
  • Advertise
  • Privacy Policy
  • Contact
Friday, May 20, 2022
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Job Vacancies
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Job Vacancies
No Result
View All Result
The Vaultz News
No Result
View All Result

The New Money Doubling Scheme ‘BitCash Currency Exchange’, Illegal and Fraudulent- BoG Warns the Public

March 9, 2022
Stephen M.CbyStephen M.C
in Securities/Markets
0
Commercial High Court Orders Bank of Ghana to Produce Bank Statement of Capital Bank

Dr Ernest Addison, Governor of BoG

The Bank of Ghana (BoG) has warned the general public against a new money doubling scheme called ‘BitCash Currency Exchange’, noting that it is not only illegal, but also a fraudulent scheme designed to dupe unsuspecting Ghanaians.

In a statement issued by the Financial Stability Department of Bank of Ghana, the Central Bank denied ever granting license to BitCash Currency Exchange or any other cryptocurrency exchange platform, contrary to the widely circulated claims that it had approval from the Central Bank.

“Bank of Ghana wishes to bring to the attention of the general public, a money doubling scheme which operates under the name ‘BitCash Currency Exchange’ and claims to have approval from Bank of Ghana. By this Notice Bank of Ghana wishes to inform the general public that it has not licensed such an entity or any other cryptocurrency exchange platform”.

BoG

Contrary to the general perception and believe that BitCash Currency Exchange pays high returns on investment, the Bank of Ghana noted that the illegal company does not pay any dividend. It further cautioned the general public of forwarding such messages as it put their social media apps in risk anytime they forward or receive such messages.

RelatedPosts

MTN Investors Caught in a Bull Trap

GSE Stocks Drift Without Sense of Direction

GSE Blue chips Bounce Back, Buoy up Benchmark

“This fraudulent scheme does not reward investors as promised. Unsuspecting recipients of such messages who 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.”

BoG

BoG Advises the General Public

The Bank of Ghana has therefore advise the public to quickly delete such messages upon receipt and desist from forwarding them to others.

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

“Ghanaians should remove any member(s) on social media platforms from whom such messages are received as their accounts may have been compromised. 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”.

BoG

The Bank of Ghana also called on the general public to 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 as well as review and familiarise themselves with Bank of Ghana’s notice on ‘Money Doubling’ and ‘Card Loading systems’ titled NOTICE NO. BG/GOV/SEC/2020/12 which can be found on the Bank’s website.

BoG encouraged the general public not to engage in such activities and to report such illegal activities and illegal operators. “The general public is hereby advised to take note and be guided accordingly.”

This year, 2022, the number of fraudulent schemes are on the rise. Recently, the Economic and Organised Crime Office (EOCO) and the Securities and Exchange Commission of Ghana (SEC) issued a statement to caution the general public to desist from investing and patronising the services of Royal Gardens Network and Hubtel Mobile Money Lending. Before that, the Securities and Exchange Commission blew the alarm on Tizaa Ghana Fund, warning the public and investors not to invest with the scheme.

READ ALSO: Government Will Only Bear The Cost Of Two Nights’ Hotel Accommodation- Foreign Affairs Ministry

Tags: Bank of GhanaBitCash Currency Exchange

Send your news stories to [email protected] and via WhatsApp on +233543050759.

Related Posts

MTN Investors Caught in a Bull Trap
Securities/Markets

MTN Investors Caught in a Bull Trap

May 20, 2022
GSE Stocks Drift Without Sense of Direction
Securities/Markets

GSE Stocks Drift Without Sense of Direction

May 19, 2022
GSE Blue chips Bounce Back, Buoy up Benchmark
Securities/Markets

GSE Blue chips Bounce Back, Buoy up Benchmark

May 18, 2022
SEC Sets to Engage Players in the Industry to Regulate Digital Coin
Securities/Markets

SEC Sets to Engage Players in the Industry to Regulate Digital Coin

May 16, 2022
Local Bourse Continues to Head South
Securities/Markets

Local Bourse Continues to Head South

May 13, 2022
Bears Return to GSE As Profit-taking Drags Capitalization Down
Securities/Markets

Bears Return to GSE As Profit-taking Drags Capitalization Down

May 12, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Previous Post

Adopt Gender-Focused Interventions To Enhance Women Participation In Digital Economy – Deputy BoG Governor

Next Post

Four More Policemen Arrested In Relation To Bullion Van Robberies

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.
Mechanical Engineer Supervisor
Job Vacancies

Mechanical Engineer Supervisor Needed For Hiring

by thevaultzMay 20, 2022
mining
Extractives/Energy

Global: Autonomous Mining Trucks Population to Reach 1,800 by 2025

by Stephen AbankwahMay 20, 2022
North Korea: Fighting Covid With Traditional Medicine
Asia

North Korea: Fighting Covid With Traditional Medicine

by Edem NyonatorMay 20, 2022
World Bee Day: ‘We must collaborate to enhance the role of Bees’- FAO
Around the Globe

World Bee Day: ‘We must collaborate to enhance the role of Bees’- FAO

by Deborah Dzifah TamakloeMay 20, 2022
FAO Designates three sites in China as Globally Important Agricultural Heritage Systems
Asia

FAO Designates three sites in China as Globally Important Agricultural Heritage Systems

by Deborah Dzifah TamakloeMay 20, 2022
Quantity Surveyor or Construction Economist
Job Vacancies

Quantity Surveyor or Construction Economist (Male/ Female) Needed For Employment In Accra

by thevaultzMay 20, 2022
Mechanical Engineer Supervisor
mining
North Korea: Fighting Covid With Traditional Medicine
World Bee Day: ‘We must collaborate to enhance the role of Bees’- FAO
FAO Designates three sites in China as Globally Important Agricultural Heritage Systems
Quantity Surveyor or Construction Economist
Snow
FIND OUT MORE

The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Job Vacancies

Copyright © 2021 The Vaultz News. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In