Crypotocurrencies warnings grow more strident as Ghana urges extreme caution

desmond frimpong

February 6, 2018 9:34 AM

The Central Bank of Ghana is cautioning the usage of digital currencies as the bank notes the risks associated with doing so.

Many Ghanaians are obsessed with cryptocurrencies. The country’s Central Bank? Not so much.

The Bank of Ghana has joined the cause urging “extreme caution” about buying cryptocurrencies.

The central bank says it “has taken notice of recent developments in the use, holding, and trading of virtual or digital currencies such as bitcoin” and “wishes to notify the general public that these activities in digital currency are currently not licensed under the Payments System Act 2003 (Act662).”

It further indicated that, the central bank is deepening its laws on electronic and financial transactions in line with international standards and the evolving electronic payments landscape.

“The Bank of Ghana 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.”

This revision should bring the electronic payments space up to date to international standards and aligned with the evolving electronic payments landscape, the bank added.

desmond frimpong