Ghana prohibits the use of bitcoin

Jan 24, 2018 | Financial Afrik

The Bank of Ghana has warned the public about the use of bitcoin in the country. For good reason, virtual money is not recognized as a legitimate form of currency in the country.

“The Bank of Ghana wishes to inform the general public that these digital currency activities are currently not permitted under 2003’s Payment Systems Act (662 Law). “In a statement from the institution. The Bank of Ghana is currently investing a lot of resources to further improve the payments and payments system, including digital forms of money, and to introduce cybersecurity guidelines to protect electronic and online financial transactions. It should be noted, however, that a revised law on payment systems, known as the Payment Systems and Payment Services Bill, will be considered by Parliament in the coming months. This revision should update the electronic payment space in line with international standards and align with the changing landscape of electronic payments. Before this bill is passed by Ghanaian legislators, the country joins a list of six countries that have banned cryptocurrency, the others being Morocco, Bolivia, Ecuador, Nepal and China. Source: Financial Afrik