5.3% of internet users in Ghana own bitcoin, others
Approximately 5.3 percent of the 16.9 million internet users in the country own bitcoin and the other various forms of cryptocurrency.
This per the survey report titled Digital 2022 by global strategic marketing consultancy firm, Kepios.
The 5.3% translates into some 895,700 Ghanaians owning the digital currency banned from usage in the country by Bank of Ghana (BoG).
The finding by Kepios is however, contrary to an earlier finding by the Finder.com which according to its Cryptocurrency Adoption Index, noted that 17% or approximately 3.1 million Ghanaians own cryptocurrency.
According to Finder.com, Ghana, out of 27 surveyed countries [ranked 9th], has the highest rate of cryptocurrency ownership among its adult population.
The Finder.com notes that 17% of Ghanaian adults owning cryptocurrency is above the global average of 15%.
Per the study, some regions are adopting cryptocurrency much faster than others.
Ghana for instance, is adopting cryptocurrency much faster than the US and its African peers like Kenya and South Africa.
“Cryptocurrency ownership in Ghana is behind countries like Australia (23%), Indonesia 22%) and Nigeria (22%), but ahead of countries like Kenya (16%), South Africa (11%) and the United States (10%).
“Of the African countries surveyed, ownership is highest in Nigeria and Bitcoin is the most popular coin to hold among Ghanaians followed by Dodgecoin and Ethereum,” said Finder.com.
Read: Ghana: Listed equities the most preferred investment instrument for portfolio investors
BoG bans use of cryptocurrency
The BoG has restricted the use of cryptocurrencies in the country stating that the digital currencies are not licensed under its Payment Systems Act 2003 (Act 662).
According to BOG, cryptocurrency does not have the backing of the central bank and cautioned the public against trading or using it in any form in Ghana stating that those engaged in the use of it in any form do so at their own risk.
Adding that, aside not meeting the standard functions of money – which is, a medium of exchange and a unit of account – and its high volatility, cryptocurrency is not a regulated activity of the Central Bank.
“Cryptocurrency is not a regulated activity of the Central Bank, and so the public must not trade in it,” averred the Governor at the 100th MPC press briefing.
Meanwhile, the Central Bank has said plans to issue its own digital currency are far advanced.
Making the disclosure at the 100th Monetary Policy Committee (MPC) press briefing, Dr Addison noted the Bank has completed the first phase of the process which is the preferred design for the digital currency.
The second phase the Governor noted, constitute the implementation and piloting phase, which is currently being worked on by the Bank.
“We are quite advanced in the process to issue a digital currency, the first phase was the design of the electronic system and the second phase which is where we are currently, which is to see to the implementation and piloting phase of the digital currency,” he stated.
“After the pilot phase, we will then know if the digital currency is feasible and if not, what needs to be done to make it better,” he added.
