BoG warns against ‘new money making’ venture Stonebwoy is promoting
The Bank of Ghana has warned the general public against a new money-making venture Stonebwoy has been promoting.
This follows how the Ghanaian dancehall artiste has been promoting a non-fungible token (NFT) SidiCoinNFT to his followers online.
The BoG statement comes after some aggrieved Menzgold customers petitioned relevant authorities to stop Stonebwoy from leading people into what may be another scandalous financial investment similar to the Menzgold brouhaha.
The statement, issued on April 27, 2022, and signed by the BoG secretary, Sandra Thompson, said “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.”
While emphasizing that “such schemes are not regulated under any law in Ghana”, the central bank cautioned all regulated institutions to refrain from enabling cryptocurrency transactions.
“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.”
Before this, the award-winning musician has been persistent with his SIDICOIN promotion. He insisted that NFT is a new market that is helping people globally.
His assertions sparked controversies and entangled him in an online debate with Bridget Otoo.