Digital assets might soon become legal in Ghana if the Securities and Exchange Commission (SEC) comes up with a suitable regulatory framework, Prime News Ghana reports. Hence, cryptocurrencies could obtain the status of legal tender even, which would subsequently make them a viable payment method in the country.
Banning everything Bitcoin
On Jan. 23, 2018, the Bank of Ghana banned cryptocurrency trading while Bitcoin and altcoins weren’t recognized as a legitimate form of currency in the country. Hence, Ghana became one of the very few countries that outlawed Bitcoin (along with other North African countries, such as Algeria and Morocco). Lack of proper regulations was the main reason behind the crackdown, according to Ernest Addison, the bank’s governor.
Now, the country is on the verge of lifting the ban if the SEC steps up its game and proposes a viable regulatory framework. SEC’s Paul Ababio, while addressing the calls of indignant customers who complain about locked-up funds, claims trading cryptocurrency is a risky venture due to their legal status.
Meanwhile, Economic and Organized Crime Office (EOCO) is currently keeping three crypto-oriented companies in its crosshairs. They have yet to define the physical location of these businesses.
Earlier, U.Today also reported about the South African Reserve Bank (SARB) issuing regulatory guidelines that are supposed to be a stepping stone to bringing regulatory clarity to the crypto space.