Cryptocurrency: BoG raises red flags over ‘Sidicoin’ investment scheme

The Central Bank 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 apex bank, through a notice issued on Wednesday, April 27, 2022, is therefore cautioning the general public to desist from trading and investing in the Sidicoin investment scheme and any other unregulated investment schemes.

The apex 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.

Musician Stonebwoy and media personality, Bridget Otoo, a few days ago engaged in a heated verbal exchange on social media.

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 dancehall 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.

That is where Bridget Otoo took exception.

“You are part of the ambassadors of Menzgold who championed and lead 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?” she responded on Twitter.

Stonebwoy, however, did not seem enthused and responded that “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..”

He added that “the CORE problem of the MENZGOLD SAGA has the least to do with ambassadors, pls you stand in a good position as a Media Personality to seek the reality from NAM1 And the GOVERMENT.. one Love.”

Source: Norvan Reports