According to him, the promotion of Sidicoin on his social media page was only to encourage people to learn about NFTs and get information on what is becoming a global phenomenon.

The artiste has come under serious criticism for promoting Sidicoin which the Bank of Ghana has recently issued a warning about.

In a public disclaimer, Stonebwoy said he does not seek to lure or encourage people in any way to invest in an unlicensed financial scheme.

“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.

Read the full disclaimer below:

“For the avoidance of doubt, I am not an ambassador for Sidicoin, I am not associated with the product nor have I been rewarded to promote it. The developing world of NFTs, Web3.0, the metaverse, and digital/crypto-assets and their ability to change people’s financial fortunes has caught my attention in recent times and I simply thought I was sharing a Ghanaian version I had discovered for people who are as interested as I am to join me on my learning path. My advocacy was for people to join a club for us to learn further information on how to not be left out of the new global order, not to encourage people to invest in a financial scheme of any sort. In hindsight, I should have hastened slowly, but I blame over-enthusiasm for all the interesting things 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. Thank You.

The Bank of Ghana’s recent statement on Sidicoin said neither the cryptocurrency investment scheme nor its promoters have any approval from the Bank of Ghana to operate in the banking and payment services sector.

“The public is advised to exercise caution with regard 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 statement added.