The Bank of Ghana, has cautioned the general public to be wary of transacting business with a cryptocurrency investment scheme called ‘Sidicoin’.

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.

In a statement on Wednesday, the Bank stressed that, “the general public is advised to exercise caution with regards 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 general public is advised to take note and be guided accordingly”.

For members of the general public who may want to seek further clarification on the issue, the Bank stated that such individuals can contact the Bank’s Financial Stability Department.

Be careful about 'Sidicoin' cryptocurrency investment - BoG
A copy of the Bank of Ghana’s statement, urging the public to be careful about transacting business with ‘Sidicoin’.

Meanwhile, dancehall artiste, Stonebwoy and media personality, Bridget Otoo have been involved 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 on Monday, April 18.

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.

Be careful about 'Sidicoin' cryptocurrency investment - BoG
Dancehall artiste, Stonebwoy and media personality, Bridget Otoo

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 was 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 replied.

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 GOVERNMENT.. one Love”.