Bank of Ghana Introduces New Guidelines for Regulating Cryptocurrencies

The Bank of Ghana (BoG) recently laid down several rules and draft guidelines for regulating cryptocurrencies and digital assets within the country. This follows after an extensive internal review of cryptocurrencies like Bitcoin, Tether, and others.

The BoG has had a rigid stance on cryptocurrencies. It had also prohibited financial institutions from engaging in any kind of crypto transactions.

On Friday, the BoG issued several guidelines on digital assets. “These guidelines are intended to expose the bank’s proposed regulatory measures and solicit feedback from industry and the public. This is in line with the bank’s commitment to continuously evolve a conducive regulatory environment that promotes financial inclusion and enhances financial stability” said its draft guidelines.

The draft further mentioned that the residents of Ghana have been using digital assets increasingly owing to factors like rising internet access, online companies offering crypto services, and others.

The BoG is cautious about risks that come with the benefits that digital assets provide, like fraud, money laundering, and consumer protection issues. It highlighted eight points on the crypto guidelines, mostly highlighting the registration and reporting requirements of crypto exchanges or virtual asset providers (VASPs).

Notably, the central bank had repeatedly warned Ghanaians about the potential risks cryptocurrencies carry, specifically their unregulated nature and fraud. It had issued multiple public warning notices to its residents regarding the speculative nature of cryptocurrencies and also revealed how their misuse could lead to significant financial losses.

With this decision, the BoG is highlighting both opportunities and challenges with regards to the digital assets.

The latest draft released by the BOG showcases its vigilance while using digital assets and at the same time also highlights its acknowledgement with regards to the growing role of cryptocurrencies. From the look of it, it seems like BoG is on the verge of providing a safer environment for crypto use, while being cautious of the problems they pose.

Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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