The Bank of Ghana (BoG) in the coming days is expected to give an update on the use of cryptocurrencies or digital currencies for transactional purposes in the country.
The upcoming update is expected to clear the air on whether the Central Bank will allow the use cryptocurrencies in the country or further reiterate its stance of prohibiting its use in the country.
BoG in its last update restricted the use of cryptocurrencies in the country stating that the digital currencies are not licensed under its Payment Systems Act 2003 (Act 662).
The Bank however added that, it is looking to enhance the country’s payments and settlements system which might include the use of digital forms of money.
“The Bank of Ghana is currently investing a lot of resources to further enhance the payments and settlements system, including digital forms of money and also to introduce cyber security guidelines to safeguard electronic and online financial transactions,” said the BoG in its last update on the use of cryptocurrencies.
In view of the upcoming update by the BoG, some experts in the country have urged the Central Bank to take a cue from the Central Bank of Nigeria (CBN) and completely ban the use of cryptocurrency in the country as it could disrupt the normal use of cedi notes and coins issued by the BoG.
Read below details of BoG’s last update on the use of cryptocurrency:
Digital and Virtual Currencies Operations in Ghana by Fuaad Dodoo on Scribd
