MEPs urge the public to be cautious when it comes to investing in cryptocurrency | Policy

Members of Parliament have stressed the need for legislation regulating the emergence of cryptocurrency markets such as Bitcoin in the Ghanaian economy.

MEPs made the call in their contribution to a statement by Hon Ama Pomaa, MP for Juaben, on the influence of cryptocurrency on the Ghanaian economy.

Hon Ama Pomaa noted that, although the cryptocurrency market is rapidly gaining popularity, both locally and internationally, the Government of Ghana as well as the Bank of Ghana do not guarantee cryptocurrency in the country.

She explained that the cryptographic currency presents many challenges, such as the difficulty of finding those who participated in the transaction and the lack of control of the Central Bank.

However, she said that cryptocurrency could potentially change the way banking is done as well as the way people perceive money.

Samuel Okudzeto Ablakwa, MP for North Tongu, said that the total ban on cryptocurrency was not what was best, hence the need to legislate for regulate the cryptocurrency market.

Okaikoi Central MP Patrick Boamah urged the public to be cautious in order to avoid becoming victims of the cryptocurrency market.

He also suggested that Parliament's Finance Committee launch a public debate on cryptocurrency so that the public can understand the issue.

Commenting on the statement, the Keta MP, the Honorable Richard Quarshigah, said the need to inform the public about cryptocurrencies was essential to prevent people, especially young people, from being scammed.

Dr. Mark Assibey-Yeboah, MP for New Juaben South, said that cryptocurrency is illegal in the country and urged the public to be cautious in this regard.