[ad_1]
The legislature was urged to update existing financial laws to regulate the cryptocurrency markets in the country.
"Increasing the use of cryptocurrency in Ghana requires urgent attention as legislators need to examine the impact and future of digital currency on the economy," said Ama Pomaa Boateng, MPP for Juaben .
In a statement to the House, she said that the legislature should look into the matter, since most 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, as they are currently not licensed under the Securities Act of 2003. the payment system (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.
Mark Assibey Yeboah, Chairman of the Finance Committee, warned against investing and trading in digital currency because they were not currently being fired.
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.
In his contribution, James Klutse Avedze, head of the Deputy Minority Parliament, called on the CDG to begin training its staff to gain expertise in the regulation of cryptocurrency.
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.
[ad_2]
Source link
