Cryptocurrency ban remains in effect - Finance Ministry cautions

Despite the crusades on cryptocurrency and it being the next financial outlet, government has reiterated the ban on the digital monetary channel remains in effect.

Minister of State at the Finance Ministry, Dr. Mohammed Amin Adam, made the announcement when he answered questions on the floor of Parliament.

The minister again cautioned that financial institutions have been told not to participate in cryptocurrency transactions until a proper framework has been established by the Central Bank.

“The government will continue to allow associated technologies, such as blockchain and distributed innovations in a sun box, as we explore the development of a framework. Until such a framework is in place, the government will like to reiterate its directive conveyed in several notices, including one issued on March 9, 2022, that all institutions licensed by the Bank of Ghana are prohibited from facilitating cryptocurrency transactions through their platforms or agents outlets,” the Minister of State at the Finance Ministry cautioned.

Meanwhile, the Central Bank issued warning orders to banks and other financial institutions in April 2022 regarding their interactions with the cryptocurrency market and other unregulated investment schemes.

The action was taken to clean-up the digital environment with regard to cryptocurrencies.

FNOQ

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