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Bitcoins Not Licensed in Ghana―BoG

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In the quest to create multiple streams of income and to be financially independent, investors all over the globe have been overwhelmed by the underlying technology that supports digital currencies.

The Bank of Ghana (BoG) has however cautioned the public on its use saying, these activities in digital currency are currently not supported under the Payments System Act 2003 (Act 662).

In a statement signed by its secretary, Mrs Caroline Otoo, the bank’s attention has been drawn to the ardent “use, holding, and trading of virtual or digital currencies (also known as crypto currencies), such as Bitcoin in Ghana―discouraging its use.

This caution comes after Bitcoin investors suffered major losses in recent week after the world’s most popular crypto currency saw its value halved with financial experts predicting an epic crash which could slash 90 % off Bitcoin.

But then the BoG says, “it 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.

According to the BoG, a bill on the revised Payment Systems Act has been presented to parliament for consideration and implementation if successful.

“This revision should bring the electronic payments space up to date to international standards and aligned with the evolving electronic payments landscape,” the statement said.

Until further checks are made and the doubt about crypto currencies are cleared, the BoG has advised that trading should be done only with institutions licensed by the Central Bank.

Meanwhile, the BoG has acknowledged the enormous potential in the blockchain technology and how it can significantly transform the payments system landscape and promote financial inclusion in Ghana.

“We are assessing with stakeholders and other international partners how the subsequent use of the blockchain technology into digital currencies would fit into the global financial and payments architecture,” the BoG stated.

By: Grace Ablewor Sogbey/ ksogbey@gmail.com

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