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Cryptocurrency: Ghana’s SEC to Regulate Crypto Space

BY DAYO ADESULU

Ghana’s Securities and Exchange Commission (SEC) has disclosed that the country will be coming up with frameworks on cryptocurrency regulation.

Paul Ababio, Ghana’s Deputy Director-General of the (SEC) gave this hint during an interview.

Speaking on cryptocurrency, he said: ” The Bank of Ghana does not treat it as a form of payment, it is not a legal tender but we will be engaging further to come out with frameworks.”

He added that until that happens, Ghanaians were to desist from participating in cryptocurrency transactions due to investors risk of losing money.

However, despite this unfriendly reception of cryptocurrency by the Ghana government, statistics revealed that besides, Nigeria and South African countries, Ghana is the next African country where cryptocurrency is heavily patronised.

Cryptocurrency transactions in Nigeria, South Africa, Ghana and other less populated countries in Africa are carried out over the years through peer-to-peer.

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These peer-to-peer modules Operandi has permanently put off the government from the deal. It practically left the Central Bank of a country and its regulatory body powerless as far as the cryptocurrency ecosystem is concerned.

Aside from places like Nigeria and South Africa, Ghana is one of the top countries in Africa with rising peer-to-peer crypto trade volumes.

That informs the reason Ghana SEC also took time to explain why the regulator has undertaken to study cryptos with the view of regulating it.

In light of the foregoing, Ababio said: “The commission is forming a fintech round table as part of its master plan to look into some of these innovations and the approach to take.”

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