Experts warn against dealing in cryptocurrency
Experts in the financial sector have cautioned that until the Bank of Ghana comes out with strict regulations on the operation of cryptocurrencies, it would be dangerous for Ghanaians to enter the space even though it is gaining grounds in Europe.
The Central Bank says it has taken note of the impending launch of a new cryptocurrency investment scheme known as “Sidicoin”.
According to the Central Bank, the said cryptocurrency investment scheme has not obtained the requisite approval to operate in the banking and payment services sector.
The apex bank, through a notice issued on Wednesday, April 27, 2022, is therefore cautioning the general public to desist from trading and investing in the Sidicoin investment scheme and any other unregulated investment schemes.
The apex bank further cautioned banks, SDIs, electronic money issuers and payment service providers to desist from facilitating cryptocurrency transactions and unlicensed investment schemes through their platforms or agent outlets.
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Speaking in an interview, the Country Manager of Esade Finance, Nana Yaw Owusu Banahene, disclosed that it is going to take some time for the central bank to design appropriate regulations for the industry.
‘’like last month, the European Union, introduced some new bills that are going to be deliberated on and passed and find the way to manage digital assets and cryptocurrencies in general.
“So in Ghana for instance, I know the regulator is looking at it. But it needs to be done well, you know, implementation of cryptocurrency can cause certain shocks in the economy in terms of financial stability, in terms of monetary supply.
“So it has to be done well that the regulator is not necessary controlling the exchange platforms but have a way to cap certain transactions to prevent any shock within the economy,” he stated.
