Ghana central bank targets December to have crypto regulations in place
Ghana's central bank aims to finalize and implement cryptocurrency regulations by December, following extensive preparatory work.Summary
The Bank of Ghana (BoG), through its governor Johnson Asiama, announced plans to have cryptocurrency regulations in place by the end of December, noting that significant work has been done over the past four months to establish the regulatory environment and draft legislation.
Asiama emphasized that legislation is only the first step, as the central bank is simultaneously developing the necessary expertise, manpower, and a new department to effectively monitor crypto flows and prevent system abuse. This move comes as crypto usage grows in Ghana, with estimates suggesting nearly 9% of the population uses cryptocurrency.
The BoG is also operating a digital sandbox to allow select companies to experiment with crypto. Experts, like Isaac Simpson of Stanbic Bank Ghana, have urged swift action, warning that inaction risks Ghana falling behind regional leaders like Nigeria and Kenya, leading to lost tax revenue and stifled innovation.
(Source：Cointelegraph)