‘It a game changer,’ MP wants cryptocurrency legalised

It has been proposed to Parliament to as a matter of urgency, pass a law to incorporate cryptocurrency into Ghana’s financial sector.

This, the Member of Parliament for Juabeng, Ama Pomaa Boateng, said will offer several benefits to the economy.

She argued that the virtual currency can change the way Ghanaians bank and make financial transactions.

The MP for Juabeng believes cryptocurrency will benefit Ghana’s economy

Making her case on the floor on Wednesday, the Parliamentarian said: “there is an urgent need for members of this House to expand our knowledge and pioneer legislation that recognise blockchain technology and virtual currency which has become a game changer.”

According to Boateng, the government can take the lead in regulating cryptocurrency while House goes through the processes of passing a law for same.

This, she said “will enable the government to oversee this virtual currency activity and create a stable regulatory environment where cryptocurrency can thrive.”

What has the Bank of Ghana said about cryptocurrency?

Ghana’s central bank has previously cautioned against investing and dealing in the virtual currency.

In a statement in January 2018, the BoG said: “...these activities in digital currency are currently not licensed under the Payments System Act 2003 (Act662).”

“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,” the regulator added.

Chairman of Parliament’s Finance Committee, Mark Assibey Yeboah, backed the view of BoG when he spoke on the issue Wednesday.

He argued that there is no central control of cryptocurrency making its regulation difficult.

“It is dangerous and you can lose all your money in a day,” he said.

“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…” Dr. Assibey Yeboah said.

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