Bank of Ghana cautions the use of Bitcoin in Ghana


THE BANK of Ghana (BoG) has cautioned the public to do business with only institutions licensed by the bank to ensure that such transactions fall under its regulatory preview.

In a statement signed by Mrs Caroline Otoo,Secretary of the BoG, the Central Bank stated that it had taken notice of recent developments in the use, holding, and trading of virtual or digital currencies as cryptocurrencies, such as Bitcoin in Ghana.

“The BoG wishes to notify the general public that these activities in digital currency are currently not licensed under the Payments System Act 2003 (Act 662),” the bank stated.

The statement added that the bank is currently investing a lot of resources to further enhance the payments and settlements system, including digital forms of money, and also to introduce cyber securities guidelines to safeguard electronic and online financial transaction.

The central bank also stated that a revised Payment System Act referred to as Payment Systems and Services Bill would be considered by Parliament soon.

The bank said “this revision should bring the electronic payments space up to date to international standards and aligned with the evolving electronic payments landscape.

“While the BoG acknowledges the enormous potential in the block chain technology and how that can significantly transform the payments system landscape and promote financial inclusion, we are assessing with stakeholders and other international partners how the subsequent use of the block chain technology into digital currencies would fit into global financial and payments architecture.

“The bank assures the general public of its continuous efforts to safeguard the stability and soundness of the financial sector.”