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About 110,000 Ghanaian investors lost a total of $ 25.71 million in 2006 because of scams and encrypted investment piracy, lawmakers said.
Ama Pomaa Boateng, a member of the Ghanaian city of Juaben, has launched a dialogue against the encrypted investment epidemic. The 43-year-old public official, speaking in front of the Ghanaian parliament, insisted on the need for good regulation in cryptography, citing the notorious swindle of the 2018 Global Coin Community of China that swindled 109,259 Ghanaians to the height of GHC134. Fraudsters promised victims a monthly return of 27% for one year, but then fled with their cryptography-based capital investments.
"There is a problem of non-compliance due to the nature of crypto-currency and crypto-active, because users are anonymous and it is extremely difficult to collect data on the users of digital currency," he said. Boateng.
Crypto traders are illegal in Ghana
While Ghana's Securities and Exchange Commission (SEC) is considering adopting a cryptocurrency law, the exchange of such badets remains illegal in the country, said Dr. Mark Assibey Yeboah, chairman of the finance committee. The parliamentarian felt that the decentralized nature of cryptocurrencies posed a threat to their financial system, adding that regulators would benefit from taking control of the sector.
"This is a digital platform where money is transferred between peers. It's not the check system where a central bank cleans it, "said Dr. Yeboah.
MPs with one voice warned the public against any investment or cryptocurrency transaction. The warning was a reminder that SEC vice-general Paul Abadio had denied legal aid to the victims of the Global Coin Community scam.
"When you choose to go there, you are alone," he said, adding that they were pursuing "research and gathering information" on the subject. The Bureau for Combating Organized and Economic Crime (EOCO) had previously arrested two directors in connection with the scam. However, the agency later released them after their bail application was approved.
Educate the public about crypto
James Klutse Avedzi, chairman of the public accounts committee, said that public and government authorities have not yet learned the nature of cryptocurrencies and how to manage them. The delays in the Global Coin Community's scam procedure have in a way highlighted the fact that Ghana did not have a cryptographic law for all that time. And since hustlers have misappropriated investors' money in cryptocurrencies, they are likely to escape legality.
Avedzi suggested that the government ask the Bank of Ghana to study cryptocurrencies. The legislator added that this would help the central bank to develop new policies in the field of cryptocurrencies. Daniel Okyem Aboagye, another parliamentarian, supported the idea, saying the government should educate the Ghanaian population about cryptocurrencies.
"The discussion is good," said Aboagye. "He tells the entire nation that lawmakers are concerned about the events in the cryptocurrency industry."
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