Ghana is taking significant steps towards regulating the cryptocurrency market as the central bank prepares to introduce a new bill aimed at establishing a comprehensive framework. With the growing popularity of digital currencies among Ghanaians, the Bank of Ghana is prioritizing consumer protection and industry oversight. The source notes that this initiative reflects a broader trend in Africa towards embracing digital finance.
Progress on Regulatory Bill
Governor Johnson Asiama announced that the Bank of Ghana has made substantial progress over the past four months in drafting the regulatory bill. The legislation is expected to be presented to parliament shortly, with the goal of having regulations in place by December. This initiative comes in response to the increasing demand for cryptocurrencies, with reports indicating that over 3 million Ghanaians are currently engaged in some form of crypto activity.
Importance of Regulation
The Bank of Ghana emphasizes the importance of regulation to mitigate potential risks associated with the cryptocurrency market. By implementing a structured regulatory framework, the central bank aims to safeguard consumers and prevent abuses within the rapidly evolving digital currency landscape. As the bill moves closer to parliamentary approval, stakeholders in the crypto industry are keenly watching the developments.
In a recent development, George Kikvadze has predicted that Bitcoin could reach $10 million, highlighting its potential as a hedge against inflation. This bold forecast contrasts with Ghana's regulatory efforts in the cryptocurrency market. For more details, read more.
