"SEC goes ahead of BoG; to soon regulate cryptocurrency in Ghana"

" \n The Securities and Exchange Commission (SEC) seems to have gone ahead of the Central Bank in the regulation of digital currencies popularly known as cryptocurrency. \n \n\n \n The Commission's readiness to regulate cryptocurrency which fast gaining prominence in the country comes on the back of the Commission's launch of a 10-year Masterplan project. \n \n\n \n The 10-year Masterplan project launched by the Commission, aims at diversifying the capital market as well as boosting economic growth. \n \n\n \n The plan is intended to help raise enough capital for key infrastructural projects in order to meet the country\u2019s growth agenda. It is expected to serve as a blueprint for developing the market in Ghana over the next 10 years. \n \n\n \n In a media interaction on the sidelines of the launch of the Commission's 10-year Masterplan project, Deputy Director General of SEC, Paul Ababio,\u00a0noted that SEC as part of the implementation of Master plan will also look at implementing an engagement series with\u00a0sector players in the digital currency space to dialogue on how to regulate cryptocurrency use in the country. \n \n\n \n \u201cWe will be establishing a \u201cFintech roundtable\u2019 and invite selected participants. We will also have an engagement session around this and come out with a clear cut policy\u201d, he said. \n \n\n \n \u201cWe will be able to spell out what the strategy will be, on how to address it. There are various dynamics to the crypto currency occurrence; there\u2019s the actual block chain technology which can be deployed for other purposes and then the monetization of that technology and how it interacts with the real sector\u201d, he added. \n \n\n \n \u201cObviously, as regulators we have concerns with money laundering, and how that will be dealt with\u201d, he further stated. \n \n\n \n Meanwhile the Bank of Ghana (BoG) as earlier reported by norvanreports , has already revealed plans to issue a digital currency of its own. \n \n\n \n Some two months ago, the Second Deputy Governor of the BoG, Mrs Elsie Awadzi Addo, speaking at the virtual regional capacity building workshop organized jointly by IMF\u2019s AFRITAC West 2 and Monetary and Capital Markets Department (MCM),\u00a0announced the BoG's intention to launch of a Central Bank Digital Currency. \n \n\n \n Mrs Awadzi Addo speaking further, noted the Bank\u2019s decision to possibly launch a digital currency, is to ensure and provide further support for the orderly development of the digital financial services landscape in the country. \n \n\n \n She however, failed to provide timelines for the launch and issuance of the digital currency by the Bank as well as the Bank's preparedness and some details to the regulation of the digital currency. \n \n\n \n \n "

"SEC goes ahead of BoG; to soon regulate cryptocurrency in Ghana"

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