Bitcoin and other cryptocurrencies have exploded in value over the last couple of months. With the price of Bitcoin reaching as much as $15,000, there has been a lot of interest in the currency and Ghanaians have not been left of the revolution.
Traditional banking institutions and governments are starting to get acquainted with the idea that the currency has come to stay.The Bank of Ghana has released an official statement about Bitcoin and cryptocurrencies in Ghana.
BoG has cautioned that it’s exploring the use of the block change and related technologies but has not licensed any company to provide financial services with BitCoin. The document went on the say that BoG is exploring the use of the currencies with their international partners.
The statement reads: The Bank of Ghana has taken notice of recent developments in the use, holding, and trading of virtual or digital currencies (also known as cryptocurrencies), such as Bitcoin in Ghana.
The Bank of Ghana wishes to notify the general public that these activities in digital currency are currently not licensed under the Payments System Act 2003 (Act 662).
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 cybersecurity guidelines to safeguard electronic and online financial transactions.
A revised Payments System Act referred to as Payment Systems and Services Bill will be considered by Parliament within the next couple of months. This revision should bring the electronic payments space up to date to international standards and aligned with the evolving electronic payments landscape.
While the Bank of Ghana acknowledges the enormous potential in the blockchain technology and how that can significantly transform the payments system landscape and promote financial inclusion, we are assessing with stakeholders and other international partners how the subsequent use of the blockchain technology into digital currencies would fit into the global financial and payments architecture.
The public is therefore strongly encouraged to do business with only institutions licensed by the Bank of Ghana to ensure that such transactions fall under our regulatory purview. For the avoidance of doubt, the public can always consult our website (www.bog.gov.gh) for a list of licensed banks and non-bank financial institutions in Ghana.
Bog Position on Bitcoin by Anonymous GR0zUN on Scribd
