The general public has been cautioned to be wary of transacting business with a cryptocurrency investment scheme called ‘Sidicoin’.
This information is contained in a press release issued by the Management of the Bank of Ghana (BoG).
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.
A statement by the Bank asked the public to exercise caution about trading in cryptocurrencies and other unregulated investment schemes.
It further cautioned 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 statement said persons who may want to seek further clarification on the issue at the Bank are encouraged to contact the Bank’s Financial Stability Department.
However, dancehall artiste Stonebwoy, in a disclaimer denied any association with Sidicoin.
According to him, he was only encouraging people to learn about NFTs and get information on what is becoming a global phenomenon.
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He said, “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.”
