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SIDICOIN: BoG cautions public against cryptocurrency investment scheme.



SIDICOIN: BoG cautions public against cryptocurrency investment scheme. 49



The Bank of Ghana says it has taken note of the impending launch of a new cryptocurrency investment scheme known as “Sidicoin”.

According to the Central Bank, the said cryptocurrency investment scheme has not obtained the requisite approval to operate in the banking and payment services sector.

The BoG has thus warned the public through a notice issued on Wednesday, April 27, 2022. The apex bank cautioned that Ghanaians or the public should desist from trading and investing in the Sidicoin investment scheme and any other unregulated investment schemes.

The central bank further cautioned banks, SDIs, electronic money issuers and payment service providers to desist from facilitating cryptocurrency transactions and unlicensed investment schemes through their platforms or agent outlets.

In a related development, dancehall artiste, Stonebwoy and media personality, Bridget Otoo, a few days ago engaged in a heated verbal exchange on social media over this same Sidicoin investment.

Ms Otoo had advised the former against publicly endorsing investment deals after Stonebwoy introduced a non-fungible token (NFT) SidiCoinNFT.

She insisted that it would be insensitive for the musician to make the move against the backdrop of his ambassadorial role in the Menzgold saga.

Prior to this, Stonebwoy tweeted and introduced his fans to this new business telling them times are changing hence joining SidiCoinNFT will help every hardworking individual to make money.

But Bridget Otoo in a swift response to Stonebwoy’s post said;

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? .