Cryptocurrency users unfazed by BoG’s caution

Some cryptocurrency operators have welcomed the Bank of Ghana’s stance on the use of digital currencies saying it will protect users from fraud.

The Co-Founder of Crypto Ghana, Bernard Owusu Mensah explains that the announcement will, however, least affect organisations like his that engage in the trading of digital currencies.

The Bank of Ghana has cautioned the public against transacting any business in digital currencies such as Bitcoin.

The Central bank argues that the use of the digital currencies have not been licensed under the country’s financial laws (Payments System Act 2003) hence their users are operating illegally.



“It is a step in the right direction in the case that this is something new and a lot of people are doing it. It does not threaten my organization at all. What it does to my organization is it is a measure. Institutes have to work more and get superior and abreast on the issue,” Mr. Bernard Owusu Mensah stated.

Mr. Owusu Mensah further insisted that Bitcoin is not a scam and urged the public to be open-minded about the currency.

“And the public also who transact business in cryptocurrency have not committed any criminal offence as our law stipulates. Because now we don’t have any legislation in Ghana that tells me that dealing in Bitcoin is a crime. The law doesn’t stipulate that so if I have Bitcoin, BoG cannot cause my arrest” he argued.

Meanwhile the Governor of the Bank of Ghana, Dr. Ernest Addison has disclosed some progress made by his outfit regarding regulating digital currencies.

“We are looking at the new payments systems bill that will deal with the issue of digital and electronic money and that new bill will be passed by Parliament in the next few months. And then we hope that after the bill comes out, more modern forms of payments that are issued by banks and non-banks that would be registered by the Bank of Ghana would be covered by the laws and the regulatory purview of the bank.”

Source: citibusinessnews.com