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”.

Read Full Statement Below>>>

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

In a related development, the Coalition of Aggrieved Customers of Menzgold has called on the Economic and Organised Crime Office (EOCO) and the Criminal Investigation Department (CID) of the Ghana Police Service to arrest Stonebwoy for promoting another new way to make quick money.

This comes after the Ghanaian dancehall act was seen prompting a non-fungible token (NFT) SidiCoinNFT to his followers on Twitter.

In the post made on April 18, Stonebwoy urged his Twitter followers to invest in a new money-making venture called SidiCoin.

A cryptocurrency, crypto-currency, crypto, or coin is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.

A cryptocurrency is an encrypted data string that denotes a unit of currency, monitored and organized by a peer-to-peer network called a blockchain, which also serves as a secure ledger of transactions, e.g., buying, selling, and transferring.

Cryptocurrency may be a good investment if you are willing to accept it is a high-risk gamble which could pay off – but also that there is a strong chance you could lose all of your money. It is important before investing in bitcoin or other cryptocurrencies that you go in with your eyes open.

Investing in crypto assets is a very risky venture but may be a good investment if you want to gain direct exposure to the demand for digital currency.

A safer but potentially less lucrative alternative is buying the stocks of companies with exposure to cryptocurrency.