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The Central Bank of Ghana has warned the public against dealing with the BitCash Currency Exchange cryptocurrency platform and increasing the number of fraudulent schemes related to cryptocurrencies.
The Bank of Ghana (BoG) has stated that it has not licensed the BitCash Currency Exchange platform to operate in the country, although the project claims otherwise. BoG secretary Sandra Thompson called the startup illegal because it does not pay the promised rewards to investors. The central bank also warned citizens that the number of illegal crypto-currency schemes has increased significantly in recent times and urged people to exercise maximum caution when investing in digital assets.
According to the regulator, the attackers have become especially active on social networks and on the WhatsApp messenger. They send messages to users not only to advertise certain projects, but also for phishing attacks. BoG advised users not to click on the links in these messages, not to forward them to other people, to delete these messages, and to immediately block their senders. Users can check the availability of a license for cryptocurrency projects on the official website of the Bank of Ghana before investing in them, the regulator said.
The Office for Combating Economic and Organized Crime (EOCO) also reported on the increasing cases of cryptocurrency fraud in the country. Faustina Lartey, Head of Public Relations at EOCO, mentioned financial services Hubtel Money Lending and Royal Gardens Network. Larty said they promised high returns to investors and were not registered with the Bank of Ghana or the Ghana Securities and Exchange Commission (SEC).
Last year, the Central Bank of Ghana announced that it was developing its own digital currency and preparing to test it.
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