Dancehall artiste, Stonebwoy, has disclaimed any official alliance with a supposed cryptocurrency investment scheme, Sidicoin.

The artiste in a disclaimer notice on his Twitter page on Wednesday, explained that his previous post in relation to the cryptocurrency was only meant for people to join him in learning about NFTs, which he described as "the new global order."

Reacting to a press release from the Bank of Ghana that cautioned members of the general public against patronising the Sidicoin, the 'My name' hitmaker stated that he is not a brand ambassador for the product.

“I am not an ambassador for Sidicoin, I am not associated with the product nor have I been rewarded to promote it… My advocacy was for people to join a club for us to learn further information on how not to be left out of the new global order, not to encourage people to invest in a financial scheme of any sort,” he explained.

Hello.. 🙏♥️ pic.twitter.com/jkuSwQLNrG

— 1GAD (@stonebwoy) April 27, 2022

He added that his post was also a result of his attention being caught in recent times by the ability of NFT to change the financial fortunes of anyone.

According to him, he did not mean to encourage anybody to invest in any financial scheme of any sort and advised that the caution by the Bank of Ghana should be adhered to.

“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,” he noted.

The artiste has been seriously criticised by some Ghanaians including media personality, Bridget Otoo for promoting Sidicoin.

Stonebwoy tweeted on April 18 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 and advised the artiste against publicly endorsing investment deals against the backdrop of his ambassadorial role in the Menzgold saga.

“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?” she responded on Twitter.

Subsequently, the Bank of Ghana also 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.

“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”, the BoG said in a statement on Wednesday.