Cryptocurrency: Monitoring and Regulation, Ghana wants to pass law by December

Cryptocurrency in Africa. As cryptocurrency attracts more users in Ghana, the country’s authorities decided to regulate this sector . Bank of Ghana (BoG) Governor Johnson Asiama announced at the International Monetary Fund (IMF) meetings in Washington that the country is actively working on a bill to regulate cryptocurrencies. The bill, which is expected to be tabled in parliament by December, is an important step for Ghana in its efforts to control and monitor cryptocurrency flows.

Key points of this article:

• Ghana has announced a bill to regulate cryptocurrencies following their growing adoption in the country.
• The Bank of Ghana is working to strengthen its capacity to monitor cryptocurrency flows to prevent abuse and protect consumers.

Regulation is necessary in the conditions of the growing adoption of cryptocurrencies According to Johnson Asiama, Ghana has made significant progress in creating a regulatory framework for cryptocurrencies over the past four months. “This bill is already on its way to parliament, we hope that by the end of December we will be able to regulate cryptocurrencies in Ghana” – he said. This legislation aims to provide protection of rights consumers and create system for exchanges, brokers, wallet operators and token issuers.

Bank of Ghana has already set a deadline for the regulation of cryptocurrencies until September, and in August 2024 the country published temporary recommendations while seeking further feedback from the public. However, as the Governor of the Bank of Ghana emphasized, regulation is only the first step. “Ability to monitor” cryptocurrency flows “will be important”, – he added, noting that the central bank is now developing its own examination and recruits staff to create a new department dedicated to this task.

Governor of the Central Bank of Ghana on stage at the IMF event – Source: YouTube

Almost 9% of the population already uses cryptocurrencies on a daily basis Despite the absence clear regulation online data platform Demandsage estimates that over 3 million people in Ghana or about 8.9% of the country’s population, are already using it cryptocurrency in one form or another. As the technology grows, the Ghanaian authorities realize they can’t do it anymore ignore this is a phenomenon. “As politicians, we need to try to put some controls in place to prevent abuse of the system.” – said Johnson Asiama.

Ghana despite careful approach to cryptocurrency warning the public that they are not legal tender now seems poised to embrace that digital revolution . As Stanbic Bank Ghana’s Isaac Simpson noted in July last year, quoted in the industry press, “the digital train has left the station”, and Ghana must move forward with new ones rules to keep up.

Authorities on the African continent can no longer ignore the importance of Bitcoin, cryptocurrencies and stablecoins in people’s daily lives. They are the ones who must regulate the sector and protect the public without stifling innovation, a perennial dilemma facing institutions with the advent of these new financial technologies.

Source: journalducoin.com