Former Central Regional Chairman of the opposition National Democratic Congress (NDC), Bernard Allotey Jacobs, has described the activities surrounding digital currency, known also as cryptocurrency in Ghana as another scam.

According to Mr Jacobs, the operations of Bitcoin as a currency is currently not licensed as a Payment System and as such, should not be regarded as a genuine means of trade.

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Mr Allotey Jacobs’ comments follow a Daily graphic report on Tuesday, November 27 that the Criminal Investigations Department (CID) and the Economic and Organised Crime Office (EOCO) were on a manhunt for the directors and operators of a crypto-currency syndicate who have allegedly swindled more than 3,000 people of their deposits.

He was speaking on Asempa FM’s Ekosii Sen Tuesday.

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Mr Allotey Jacobs, comparing the Cryptocurrency trade to a gold trading firm Menzgold, said Ponzi schemes only strive in third world countries.

“These Ponzi schemes strive in third world countries so when they come to Ghana, then they try to involve ‘sakawa’ in their operations. In fact, there is no difference between the Cryptocurrency and Menzgold,” he said.

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He called on the Securities and Exchange Commission (SEC) and the Bank of Ghana to investigate the activities of the digital currency.