Sidicoin not approved – BOG cautions public

The Bank of Ghana (BoG) has cautioned the general public against patronising cryptocurrency investment scheme ‘Sidicoin’ as it has not been approved by the central bank.

“The public is hereby cautioned that 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,” the BoG noted in a statement issued on Wednesday, 27 April 2022.

It continued that “further to previous notices issued by Bank of Ghana on such schemes, in particular Notice NO. BG/GOV/SEC/2018/02, Bank of Ghana underscores the fact that such schemes are not registered under any law in Ghana.

The central bank advised the general public “to exercise caution with regards to trading in cryptocurrencies and other unregulated investment schemes.”

It also cautioned “all regulated institutions including banks, specialised depost-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.”

Although the scheme is yet to be launched, media Personality Bridget Otoo and award winning dancehall artiste Stonebwoy have clashed on social media over their divergent views on the new investment scheme, SidiCoinNFT, introduced by the latter.

This followed a tweet by the dancehall artiste, introducing a non-fungible token (NFT) SidiCoinNFT to his followers.

According to the dancehall artiste, SidiCoin will aid hardworking individuals to make more money.

Reacting to the dancehall artiste’s endorsement of the new investment scheme, the TV personality tweeted: “You are part of the ambassadors of Menzgold who championed and led customers to lose money.

“Some have died as a results of the Menzgold scam. Do you think it is fair to introduce them to another “money making venture”? Do you really care about them?”

The dancehall artiste however, disagreed with the TV personality stating in another tweet that: “Big Sis, I think it’s very BIASED and PREJUDICED to pin the loss of lives and properties on ambassadors WHO in NO WAY RAN the said company.

“I know people who have lost monies and others who gained and I have personally lost very close relatives too..”

Meanwhile, the Coalition of Aggrieved Customers of the defunct gold-trading company, Menzgold Ghana, has called on the Economic and Organised Crime Office (EOCO) and the Criminal Investigation Department (CID) of the Ghana Police Service to arrest the dancehall artiste, for endorsing and promoting an unlicensed financial scheme, SidiCoinNFT.

The Coalition also wants the dancehall artiste stripped of any “national or corporate award” earned.

SidiCoin has said there is no such company registered under the name SidiCoinNFT in Ghana.

However, there is a non-fungible token called Sidicoinclub.


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