Dancehall artiste, Stonebwoy, has denied any official alliance with a supposed cryptocurrency investment scheme, Sidicoin.
The artiste in a disclaimer on his Twitter page on Wednesday said his advocacy was for people to learn more about non-fungible tokens (NFTs), Web3.0, the metaverse and crypto-assets.
Hello.. 🙏♥️ pic.twitter.com/jkuSwQLNrG— 1GAD (@stonebwoy) April 27, 2022
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He however admitted that he was over-enthusiastic in his advocacy and urged the public to heed the BoG’s caution.
“I am not an ambassador for Sidicoin, I am not associated with the product nor have I been rewarded to promote it… My advocacy was for people to join a club for us to learn further information on how not to be left out of the new global order, not to encourage people to invest in a financial scheme of any sort,” he explained.
The artiste has been seriously criticised by some Ghanaians including media personality, Bridget Otoo for promoting Sidicoin.
Stonebwoy tweeted on April 18 and introduced his fans to this new business, telling them times are changing hence joining SidiCoinNFT will help every hardworking individual to make money.
That is where Bridget Otoo took exception and advised the artiste against publicly endorsing investment such as Menzgold.
“You are part of the ambassadors of Menzgold who championed and led customers to lose money. Some have died as a result of the Menzgold scam. Do you think it is fair to introduce them to another “money making venture”? Do you really care about them?” she responded on Twitter.
Subsequently, the Bank of Ghana also cautioned the general public to be wary of transacting business with a cryptocurrency investment scheme called ‘Sidicoin’.
According to the Central Bank, the scheme and its promoters have not obtained the required approval to operate in the banking and payment services sector.d
“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”, the BoG said in a statement on Wednesday.