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By Christopher Arko, GNA
Accra, March 27, GNA
– Parliament was urged to improve existing financial laws in order to regulate
the cryptocurrency markets in the country.
"The increase in use
cryptocurrency in Ghana requires urgent attention because the legislature
must question the impact and the future of digital money on the market
the economy, "Ama Pomaa Boateng, MP for Juaben, said:
I said.
In a statement on the
floor of the House, she said that the legislature should probe the issue because the
the bulk of cryptocurrency and crypto badet users have not been reported.
The bank of Ghana
(BOG), recently, has warned the public against investments and transactions
in digital currency because they are not currently licensed under the
Payment System Act 2003 (Law 662).
The BOG, in the
statement, encouraged the public to deal with the only authorized institutions
by the Bank to ensure that these transactions fall within its regulatory jurisdiction.
Ms. Boateng too
asked the government to take the initiative in the regulation of cryptocurrency, while the
House has pbaded the process of pbading a law for the same thing.
She said that would allow
the government to oversee the activity of the digital currency and create a
regulatory environment where cryptocurrency could flourish.
Ms. Boateng said that
the virtual currency could change the way Ghanaians have done their banking and financial transactions
transactions.
She said that MPs must
expand their knowledge of the issue and the pioneering legislation that recognized
blockchain technology and virtual currency, which had become a game changer.
Dr. Mark Assibey
Yeboah, chairman of the finance committee, warned the public
invest and deal in digital currency because they were not currently
authorized.
He stated that
currently, there was no central control for cryptocurrency, the schema was more
peer-to-peer, making its regulation difficult.
"It's dangerous and
you can lose all your money in one day, "he said.
"Until we can
know how to regulate cryptocurrency in our country, my simple
the advice is for us to stay out of the way … "he added.
Mr James Klutse
Avedze, the Deputy Minority Leader, in his contribution, called on BOG to
start training its staff to gain expertise on how cryptocurrency could
to be regulated.
He said a lot
Unsuspecting Ghanaians have been scammed with cryptocurrency, which they
were made to believe could inflate their investments and give them higher
results.
GNA
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