Ghana Prepares For A Crypto Future

There are many questions circulating around the legality and securitization of digital currencies and platforms, such as Bitcoin and Ripple. currently in Ghana cryptocurrency is not recognized by the Central Bank of Ghana and the government has failed to put regulatory structure around the ecosystem. The Director General of the Ghanaian Securities and Exchange Commission has spoken on the need for using cryptocurrencies and decentralization to curb inflation and help stabilize the economy. He spoke on how the lack of a regulation from government would result in inflation and the Cedis devaluation due to government inconsistency. SEC commissioner Rev Tetteh stated that Cryptocurrencies are safer currency choices because their prices are determined via supply and demand.

He is quoted as saying that

“At the heart of the creation of Bitcoin and most other cryptocurrencies is the intent of creating a currency insulated from central of government interference and control.”

However, former Head Global Markets, Stanbic Bank Ghana, Inusah Musah emphasized that

"For bitcoin to gain global acceptance and be used as a competitor money to the Dollar, Euro and Pound, it must be accepted everywhere, it must be very stable and credible."

The Ghanaian SEC Director has disclosed that the road to cryptocurrency regulation has been slow compared to the pace of development of crypto assets thanks to the complicated amalgam of issues that must be addressed from anti money laundering to taxation. they are also waiting to take a cue from some of the nations that have already begun to develop frameworks to support cryptocurrency before Ghana takes the dive.

currently in Ghana the taxation authorities have decided they will treat cryptocurrencies as assets that will be subject to the capital gains tax. This lack of regulatory structure hasnt curbed the enthusiasm of Ghanaian developers though; currently a group of entrepreneurs from #accra are building a exchange platform that will allow users in Ghana then across Africa to use mobile money to cash out their cryptocurrency earnings. the project is named @yensesa and it is run by a promising group of Ghanaian's who are determined to make crypto accessible to the people.