Ghana Joins the Bandwagon — Plans for CBDC, Still Wary of Crypto
Gareth Jenkinson's original article for cointelegraph.com reduced by 78%
Ghana is maintaining a cautious approach to cryptocurrencies despite its central bank's plans to launch a digital currency in the new year. At the end of November 2019, the Bank of Ghana announced plans to explore the use of a central bank digital currency in the new year. The surge in popularity and users of mobile money services in the country does not necessarily mean that blockchain technology and cryptocurrencies are enjoying the same level of success in Ghana.
"There are no legislations backing the trading and use of cryptocurrencies in Ghana. Thus investors who tend to invest in such currencies or assets may be doing so at their own risk and are not protected under the Securities law regime in Ghana." The Ghana SEC's belief that a major drawcard for using cryptocurrency is the promise of high returns on investments suggests that the body could be lacking knowledge about the technology and efficacy of the systems underpinning cryptocurrencies like Bitcoin and Ethereum. Unsuspecting investors around the world have been duped by various crypto scams, and Ghana's people are no exception.
"I believe government authorities are mostly under informed about cryptocurrencies, and Blockchain Society Ghana hopes to rectify that by having more dialogue. We hope to clarify the legitimate uses of crypto and how to distinguish from scams..
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