Ghana Free Market Structure Prohibits Cryptocurrency Regulation – Banking Consultant

Banking consultant Nana Otuo Acheampong blamed Ghana’s free market economy for the failure of the Bank of Ghana to institute punitive measures to prevent people from introducing and operating cryptocurrency schemes in the country .

These remarks follow recent press releases from the Bank of Ghana (BoG) warning the public against condescending cryptocurrencies such as Bitcoin and Freedom Coin in Ghana.

According to the Central Bank, it has not authorized activities related to digital currencies under the Payments System Act 2003.

The BoG has stated in one of its notices that cryptocurrencies such as Bitcoin are not regulated by any law in Ghana and therefore do not come with any guarantees or safeguards.

But as more and more people invest and trade cryptocurrencies around the world, interest in them continues to grow, dividing governments around the world on how to handle their regulation.

For some stakeholders, more needs to be done to prevent these digital currencies from gaining a foothold in the system and potentially causing members of the public to lose funds.

In an interview with Citi Business News, Banking consultant Nana Otuo Acheampong noted that the Central Bank can only warn people for now.

“In a market economy, there are certain things you don’t have the legal backing to do. No one can tell anyone to trade or not to trade. All the regulator can do is warn you where not to put your money. It’s your freedom of choice. So if the Central Bank has warned you that a particular path is dangerous and you decide to use it anyway, you can’t blame it. Their job is to warn you.