The government has reiterated its ban on the use of cryptocurrency in all transactions, saying that all financial institutions in the country have been directed not to engage in crypto transactions.
Minister of
State at the Finance Ministry, Dr. Mohammed Amin Adam, made the announcement
when he answered questions on the floor of Parliament.
“The government
will continue to allow associated technologies, such as blockchain and
distributed innovations in a sun box, as we explore the development of a
framework. Until such a framework is in place, the government will like to
reiterate its directive conveyed in several notices, including one issued on
March 9, 2022, that all institutions licensed by the Bank of Ghana are
prohibited from facilitating cryptocurrency transactions through their
platforms or agents outlets,” the Minister of State at the Finance
Ministry cautioned.
In April 2022,
the Central Bank issued cautionary directives to banks and other financial
entities in their dealings in cryptocurrency trade and other unregulated
investment schemes.
The move was to
sanitize the digital space with respect to cryptocurrency.
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