Parliament urged to regulate cryptocurrency markets | Policy

Parliament was urged to improve existing financial laws to regulate the cryptocurrency markets in the country.

"Increasing the use of cryptocurrency in Ghana requires urgent attention as lawmakers must question the impact and future of digital currency on the economy." Economy, "said Ama Pomaa Boateng, MP for Juaben. .

In a statement to the House, she said the Legislature should look into the matter because the majority of users of cryptocurrency and cryptographic badets were not reported.

The Bank of Ghana (BOG) has recently warned the public against investments and transactions in digital currency because it is currently not licensed under the Payment System Act 2003 ( Law No. 662).

In its statement, BOG encouraged the public to deal only with institutions approved by the Bank to ensure that such transactions fall within its regulatory jurisdiction.

Ms. Boateng also asked the government to take the initiative in regulating cryptocurrency, while the House was going through the process of enacting a law to this effect.

She said this would allow the government to oversee the activity of the digital currency and create a stable regulatory environment in which cryptocurrency could flourish.

Ms. Boateng said that virtual currency could change the way Ghanaians have done banking and financial transactions.
According to her, MPs need to deepen their knowledge on the issue and adopt pioneering legislation recognizing the technology of blockchain and virtual currency, which have become a game changer.

Finance Committee Chairman Mark Assibey Yeboah warned the public against investments and transactions in digital currency because they did not have a license.

He said that currently, there is no central control of cryptocurrency, but rather a peer-to-peer system, making regulation difficult.

"It's dangerous and you can lose all your money in a day," he said.
"Until we can control how to regulate cryptocurrency in our country, my simple advice is that we stay away …", he added.

Mr. James Klutse Avedze, deputy leader of the minority, in his contribution, called on the CDG to begin training its staff in order to gain expertise on how cryptocurrency could be regulated.

He added that many unsuspecting Ghanaians were victims of a cryptocurrency swindle, which led them to believe that they could increase their investments and earn more.