BoG unfazed by digital currency inroads in Ghana

Business News of Saturday, 3 February 2018



The central bank has said that the use of digital currencies is not permitted by law

The Bank of Ghana is confident it should be able to regulate activities on the use of digital currencies in Ghana, with the passage of the new laws on electronic financial payments in Ghana.

The renewed optimism follows the launch of Finchcoin, the first Ghanaian manufactured digital currency.

Already, the central bank has cautioned the public against transacting business in digital currencies as the act is not permitted under law.

However in an interview with Citi Business News, the Director of Communications at the Bank of Ghana, Bernard Otabil assured the bill is currently in in parliament hence its passage should sanitize the financial industry.

Mr. Otabil insisted that the BoG is doing all it has to ensure that digital currencies are properly regulated.

“We have a new Payment Systems & Services Bill currently in Parliament and once that is concluded, I’m sure the way forward will be made clear. It is something that the Bank of Ghana is taking very seriously and if you go through the release that we sent warning the public against doing transactions with Bitcoin , it is clearly stated there that it is something that the Bank has devoted enormous resources to.”

“We are also working with other international financial organizations to make sure that indeed the trend as we are witnessing now globally, if it’s being adapted locally, we do have the resources to make sure that they are indeed properly regulated,” he explained.

He added,“ It’s not the case that you are introducing just a digital currency but it comes with all kinds of risks including cyber risks so it a holistic approach we are taking to make sure we fully understand it”.

Mr Otabil said that all risk assessment must be properly done, “We have to make sure that we explore all the risks so that we put all the risk mitigating processes in place to ensure that we don’t put the final consumer at risk at any point in time but ultimately to protect the sanity of the financial system”.

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