Banking In Ghana Ghanaian banks resist the use of crypto currency

The banks explain that the absence of laws to regulate the sector is a reason for their posture.

  • Published:
The difficulty of transferring money in sub-Saharan Africa has made cryptocurrencies attractive for Nigerians despite the volatility of bitcoin play

The difficulty of transferring money in sub-Saharan Africa has made cryptocurrencies attractive for Nigerians despite the volatility of bitcoin

(AFP)
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Some banks in Ghana have said that they are against the adoption of cryptocurrency in Ghana.

The banks describe it as grounds of breeding money laundering and other financial crimes.

In an interview with Accra-based Citi FM, the Executive Director of Retail Banking for West Africa at Standard Chartered Bank, Henry Baye said the absence of laws to regulate the sector is a reason for their posture.

READ ALSO: Inflation rises to 10.6% in February

“But for us as a bank, we are keenly aware of the risks that today, cryptocurrency poses in the space of money laundering, terrorist financing, in the space of human trafficking and many other crimes that are related to moving money around.”

The Executive Director of Retail Banking for West Africa at Standard Chartered Bank, Henry Baye play

The Executive Director of Retail Banking for West Africa at Standard Chartered Bank, Henry Baye

 

“At this point in time, it is not regulated and for that reason, we are not going to play in anything that is not regulated. I think at this point in time that is clearly our position because we would want to protect the consumer, and our world from money laundering and terrorist financing and not until there is any law, we will just not play,” he added.

READ ALSO: Vodafone cuts off line to Ghana Police Service because they owe

His response comes after calls from some Ghanaians for the Bank of Ghana (BoG) to allow the use of cryptocurrencies due to the uptake in the currency, globally.

The CEO of Groupe Nduom, Dr Papa Kwesi Nduom has disclosed of plans to venture into cryptocurrency transaction.

Demo of how Visa is fastracking car leasing with Bitcoin technology

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