BoG Warns Public About Money Doubling Scheme Called “BitCash Currency Exchange”

The Bank of Ghana is warning the public against a money doubling scheme that operates under the name “BitCash Currency Exchange” and claims to have the approval of the Central Bank.

In a statement, the Central Bank said it did not authorize such an entity or any other cryptocurrency exchange platform.

“This fraudulent scheme does not reward investors as promised. Unsuspecting recipients of these messages who click on the hyperlink or forward these messages compromise the security of their funds, WhatsApp accounts and other social media profiles, as well as those of friends and family on their list of contacts.

To this end, the Bank of Ghana has advised the public to delete such messages upon receipt and refrain from forwarding them to others.

Again, he also wants Ghanaians to remove any member of social media platforms from which such messages are received as their accounts may have been compromised, check with Bank of Ghana or other relevant authorities, status license of persons or entities, before depositing funds with them or using their services.

Further, he urged the public to make deposits only with institutions approved by the Bank of Ghana, so that they can enjoy the necessary protection under applicable banking laws, as well as to review and to get acquainted with the Bank of Ghana’s advice on ‘Money Doubling’. ‘ and ‘Card Loading Systems’ labeled NOTICE NO. BG/GOV/SEC/2020/12 which can be viewed on the Bank’s website.

He encouraged the general public not to engage in such activities and to report such illegal activities and illegal operators.