MP advocates for a legal instrument to back cryptocurrency


Parliament has been asked to pass a law to give a legal backing to cryptocurrency and incorporate it into Ghana’s financial sector.

The call was made by the Member of Parliament for Juabeng, Ama Pomaa Boateng, go argued that the move will offer several benefits to the economy.

In the view of the MP, the virtual currency can change the way Ghanaians bank and make financial transactions.

The MP delivering a statement on the floor of Parliament Wednesday 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.”

She was hopeful government could take the lead in regulating cryptocurrency while House goes through the processes of passing a law for same.

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

Few months ago, the Bank of Ghana cautioned the public against transacting business with digital currencies such as Bitcoin, in Ghana.

According to the Central Bank, it has not licensed the activities in digital currency under the Payments System Act 2003.

“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),” a statement from the Central Bank said.

It further indicated that the central bank is deepening its laws on electronic and financial transactions in line with international standards and the evolving electronic payments landscape.

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