Bank of Ghana to widen its scope on cryptocurrency

The Bank of Ghana has assured stakeholders of its preparedness to sanitize the digital space with respect to cryptocurrency.

The Central Bank admits that in the initial stages of the new digital currency, there was a gap, however, the regulator has braced itself to make it cleaner while building public interest.

Speaking at the MTN MoMo Stakeholder forum under theme, ‘The impact of the Central Bank’s digital currency on future monetary policy and digital payments’, the Assistant Director in charge of Fintech and Innovation at the BoG, Clarence Blay, maintained that the digital position of his outfit is in consonance with global standards.

Clarence Blay highlighted issues of the financial challenge confronting the banking sector in the past in relation to the digital space.

He said, “We understand the philosophy that brought this thing into being, more of a libertarian philosophy following the 2008 and 2009 financial crisis. We have to work together to have a clean the system.”

He further stated that “Based on our regular surveillance and global monitoring, we decided to explore central banks digital currency in deep.”

The Bank of Ghana currently believes that the industry is moving towards the deeper financial space.

However, in April, 2022, the Central bank issued cautionary directives to banks and other financial entities in its dealings in crypto currency trade and other unregulated investment schemes.

Source: Citibusinessnews