Ghana’s parliament discusses crypto regulation

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A member of parliament in Ghana has proposed a motion in parliament to have cryptocurrency incorporated into Ghana’s financial sector.

According to local reports, Ama Pomaa Boateng, the member of parliament for Juabenghas, proposed the motion as a matter of urgency. She stated that having cryptocurrency become part of the country’s financial sector will offer many benefits to the economy.

While making her case to other parliamentarians, Boateng stated:

“The rise in the use of cryptocurrency in Ghana demands urgent attention because the legislature needs to interrogate the impact and future of cryptocurrencies.” 

She added, “There is an urgent need for members of this House to expand our knowledge and pioneer legislation that recognize blockchain technology and virtual currency which has become a game changer.”

Boateng argues that cryptocurrencies can help improve how banks make their financial transactions in the country.

James Klutse Avedzi, the Deputy Minority Leader seems to support this motion. However, he wants the government to use resources from the Bank of Ghana to conduct research and training to regulate the transactions. He said:

“This is a very technical and a new platform, a new phenomenon that most people do not know of. In fact, if count the Members of Parliament who know cryptocurrency you can get only a few.”

However not everyone supports the idea, the chairman of parliament’s Finance Committee, Dr. Mark Assibey Yeboah said that cryptocurrencies are illegal. He urged Ghanaians to stay away from making investments in cryptocurrencies. He explained that the Bank of Ghana is still findings ways around to deal with this technology and these currencies do not have licensing or other authorizations. He added that it is dangerous to trade in cryptocurrency especially because many people have ended up losing all their money. He advised members of the public:

“Until we are able to have a handle on how to regulate cryptocurrency in our country, my simple advice is for us to stay away”

Having regulations for the cryptocurrency space has been a call from many investors in the country who have lost their money to various scams. Earlier this year, investors from Ghana lost about $9.1 million to an illegal cryptocurrency firm, Global Coin Community.