Stonebwoy faced heavy backlash from social media users for advertising Sidicoin which according to the Bank of Ghana is an unregulated scheme. This comes in light of his association with defunct gold collectible firm, MenzGold.
The Bhimnation leader issued a disclaimer, and said his Sidicoin post was not out of malice, but rather to inspire people to learn and invest in NFTs, which is turning into a global phenomenon.
He added that he does not seek to lure people to invest in an unlicensed financial scheme.
Read the full disclaimer below:
“For the avoidance of doubt, I am not an ambassador for Sidicoin, I am not associated with the product nor have I been rewarded to promote it. The developing world of NFTs, Web3.0, the metaverse, and digital/crypto-assets and their ability to change people’s financial fortunes has 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 for 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. Thank You.
Bank of Ghana warns about Sidicoin Investment
The Bank of Ghana has warned investors to stay away from the cryptocurrency investment scheme, Sidicoin. The BOG said it does not have any approval from the Bank of Ghana to operate in the banking and payment services sector.
“The public is advised to exercise caution with regard 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 statement added.