Finally! Ghana to Adopt Crypto After Years of Hostility

West African country Ghana has begun exploring the potential adoption of crypto assets like Bitcoin. A local report recently confirmed that the country’s sovereign bank has unveiled guidelines to regulate crypto assets. The latest move comes after years of discouraging citizens from investing in the digital asset market.

Ghana to Adopt Crypto

For over six years, the Ghanaian government has hauled down crypto assets. The Bank of Ghana (BoG) once warned that digital currencies, such as Bitcoin, are not considered legal tender and that trading in these cryptocurrencies is risky.

The country’s Securities and Exchange Commission (SEC) also warned citizens not to use crypto assets. The SEC worried that these digital assets could be used for illegal activities like fraud and money laundering due to the absence of rules to control their usage.

The latest report marks a U-turn in Ghana’s regulatory stance. The country’s government is now rethinking its stance on crypto assets because they are becoming more popular worldwide, and many people are interested in using digital currencies for different innovative purposes.

While revealing plans to establish new crypto guidelines, the African government promised a regulatory framework for crypto exchanges interested in offering services to local investors. The sovereign bank also noted that it would ensure the public is educated about the risks and benefits of using crypto and explore the idea of introducing its central bank digital currency (CBDC), the eCedi.

The report added that local banks and payment service providers can still not handle crypto transactions until the rules are officially approved.

More African Countries Embrace Crypto

Ghana’s move to regulate crypto comes after Nigeria, another African country, recently welcomed two crypto exchanges into its ecosystem.

In an earlier report, the country’s SEC revealed plans to regulate virtual asset issuers and issue licenses to cryptocurrency operators. This move aims to provide a structured and secure environment for the use of digital currencies and ensure that operators adhere to regulatory standards.