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Cryptocurrency Is Happening, Let’s Not Sit On The Fence – Minister Of Communications

In her deal with on the two-day Ghana Canadian Diaspora Funding Summit in Toronto, Canada, the Minister of Communications and Digitalisation, Madam Ursula Owusu-Ekuful, talked about that cryptocurrency is turning into the order of the day and suggested the Ghanaian financial system to search out methods of benefitting from it.

The theme for the summit, “Develop in Ghana, develop with Ghana”, was organized by the Ghana Funding Promotion Centre (GIPC) so as to talk about with Ghanaians within the Diaspora long-term investments and partnerships for Ghana’s Improvement.

In June 2018, the Financial institution of Ghana declared cryptocurrency unlawful in Ghana and issued a warning to all monetary establishments to not commerce crypto. The warning was additionally directed to all crypto platforms.

Since then, the Central Financial institution has all the time been going after crypto platforms and cautions most people towards these platforms.

BoG has been a extra trusted and secure central financial institution digital foreign money (CBDC), eCedi, which might be backed by the Ghanaian Cedi, and the central financial institution on-line the cryptocurrency that has no backing.

The Minister lauded BoG for pushing its personal eCedi however reiterated that the federal government ought to check out the ban on cryptocurrency as a result of it gaining legitimacy in different elements of the world.

The Minister in contrast crypto as we speak to VoIP (voice over web protocol) like WhatsApp name, Fb name, Telegram name, and others up to now, saying that VoIP was once unlawful, and a number of other steps had been taken to clamp down on operators that allowed it then, however as we speak it’s the norm.

“In the identical vein, cryptocurrencies that at the moment are unlawful might very nicely develop into the norm a few years down the road,” she mentioned.

This assertion from the minister backs what the Chairman of Ghana.com, Professor Nii Narku Quaynor mentioned some time again. Prof additionally mentioned Ghanaians are delaying and sleeping on cryptocurrency as they did earlier than when he launched the web to Ghana.

In response to Dr. Quaynor, he had plans for Ghana to be the web entry hub for the continent for which he pleaded for rules from the regulators however stakeholders watched for foreigners to take over earlier than rules had been designed for him.

Dr. Quaynor, subsequently, known as on the Financial institution of Ghana to cease proscribing monetary sector operators from transacting in crypto and moderately use regulatory innovation to place Ghana to profit absolutely from the worldwide blockchain revolution and its attendant applied sciences like crypto, DeFi (decentralized finance), NFTs (non-fungible token) and others.

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