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According to the Minister, all financial institutions in the country have been directed not to engage in crypto transactions.
Speaking on the floor of Parliament, Dr. Amin Adam opined that government is yet to develop a comprehensive framework cypto transaction in the country.
“The government will continue to allow associated technologies, such as blockchain and distributed innovations in a sun box, as we explore the development of a framework. Until such a framework is in place, the government would like to reiterate its directive conveyed in several notices, including one issued on March 9, 2022, that all institutions licensed by the Bank of Ghana are prohibited from facilitating cryptocurrency transactions through their platforms or agents’ outlets,” the Minister of State at the Finance Ministry cautioned while speaking in Parliament.
In April 2022, the Central Bank issued cautionary directives to banks and other financial entities in their dealings in cryptocurrency trade and other unregulated investment schemes.
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The move was to sanitize the digital space with respect to cryptocurrency.
A cryptocurrency is a digital currency, which is an alternative form of payment created using encryption algorithms.
The use of encryption technologies means that cryptocurrencies function both as a currency and as a virtual accounting system. To use cryptocurrencies, you need a cryptocurrency wallet.