Ghana Set to Regulate Cryptocurrency by Year-End, Announces BoG Governor
Ghana is poised to become the latest African nation to embrace the regulation of cryptocurrencies. According to Dr. Johnson Asiama, Governor of the Bank of Ghana (BoG), the country intends to implement its inaugural legal framework governing cryptocurrencies and virtual assets before the close of this year. This significant development, unveiled during the IMF/World Bank Spring Meetings held in Washington, DC, signifies Ghana’s proactive approach to the burgeoning digital asset landscape.
Virtual Assets Bill to Guide Regulation
Dr. Asiama disclosed that a Virtual Assets Bill, designed with technical assistance from the International Monetary Fund (IMF), has been drafted and is currently awaiting parliamentary review. The Governor emphasized the rapid progress, stating, “We’ve done a lot of work in the past four months to put together the regulatory environment. That bill is on its way to Parliament, and hopefully, before the end of December, we should be able to regulate cryptos in Ghana.” This regulatory push is motivated by the central bank’s observations of heightened cryptocurrency activity within Ghana’s remittance and informal foreign exchange sectors, highlighting the growing significance of digital assets in the nation’s financial landscape and African tech ecosystem.
The development of this regulatory framework is a positive signal for Ghana’s financial sector and shows the nation’s commitment to adapting to the new world of digital currencies and its place in Africa’s financial future.
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