The Bank of Ghana (BoG) has in a statement cautioned the general public against investing in a cryptocurrency scheme “SIDICOIN” expected to be launched in the country before long.
The statement, issued on April 27, 2022, and signed by the secretary, Sandra Thompson, said “neither this investment scheme nor the Promoters of the company have obtained the approval of Bank of Ghana, to operate in the banking and payment services sector.”
While emphasizing that “such schemes are not regulated under any law in Ghana”, the central bank cautioned all regulated institutions to refrain from enabling cryptocurrency transactions.
“The general public is advised to exercise caution with regards to trading in cryptocurrencies and other unregulated investment schemes. "
The Bank further cautions 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. The general public is advised to take note and be guided accordingly.”
On the back of the release, Stonebwoy who has for some time now been introducing his followers to the moneymaking venture shared the statement and a disclaimer on Twitter.
“I know it wasn’t easy but it’s the right thing. Thank You,” said Bridget Otoo who on countless occasions criticised the musician for endorsing SIDICOIN.
The broadcaster had previously engaged the musician in a heated exchange over Menzgold as she argued that it was unfair for him to introduce people to another money-making venture, having led many to invest in the gold dealership firm and had their funds locked up.
“You are part of the ambassadors of Menzgold who championed and lead customers to lose money. Some have died as a result of the Menzgold scam,” Bridget Otoo argued while Stonebwoy retorted that “it's very biased and prejudiced to pin the loss of lives and properties on ambassadors who in no way ran the said company.”
While insisting that it was safe for the public to invest in SIDICOIN, the musician further argued that it was erroneous for anyone to suggest that every Menzgold investor lost their investments considering that some people gained. Likewise, an attempt to paint him as insensitive is regrettable because he also “lost very close relatives”.
“The core problem of the Menzgold saga has the least to do with ambassadors, pls you stand in a good position as a Media Personality to seek the reality from NAM1 And the government,” Stonebwoy reiterated.
Following the caution from the central bank, Stonebwoy has issued a statement, stressing that he is not an “ambassador for SIDICOIN”.
He explained that: “The developing world of NFTs, Web3.0. the metaverse and digital/crypto-assets and their ability to change people's financial fortunes have caught my attention in recent times and I simply thought I was sharing a Ghanaian version I had discovered for people who are as interested as I am to join me on my learning path. My advocacy was for people to join a club for us to learn further information on how to not be left out of the new global order, not to encourage people to invest in a financial scheme of any sort.”
“In hindsight, I should have hastened slowly but I blame over-enthusiasm from all the interesting things I am discovering about the adoption of these disruptive technologies. May we all do as the Bank of Ghana says and exercise caution even as we strive to do better for ourselves and our communities.”
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