Online Reporter
This cryptocurrency initiative, led by Ghana’s central bank is expected to provide clarity and stability to the industry, ensuring consumer protection while fostering innovation.
The announcement was made by Bank of Ghana (BoG) Governor, Dr Johnson Asiama, during the African Leaders and Partners Forum, hosted by the EBII Group on the sidelines of the IMF/World Bank Spring Meetings in Washington, D.C.
Dr Asiama explained that the move is contingent on the passage of the Virtual Asset Providers Act, which will grant the Bank of Ghana the authority to license and regulate platforms and participants in the virtual asset space.
The central bank’s decision aligns with a growing trend across Africa to establish clear frameworks for cryptocurrency operations.
“To strengthen the regulation of these platforms and assets, the Bank of Ghana is setting up a dedicated unit focused on digital assets,” Dr Asiama revealed.
In the past, the Bank of Ghana (BoG) issued several public notices clarifying that digital assets are neither recognised as legal tender nor regulated under Ghanaian law.
This stance reflected the central bank’s cautious approach, highlighting the risks associated with unregulated digital currencies, such as fraud, money laundering, and consumer protection concerns. — Business Insider Africa.
