DeutschGhana wants to further promote cryptocurrencies with a new law and reduce costs for users. Already, 17 percent of adult residents are said to use Bitcoin and other cryptocurrencies. Regulation is intended to reduce costs and increase adoption.
Bitvavo, one of the leading exchanges from Europe (Netherlands) with a large selection of cryptocurrencies. PayPal deposit possible. For a limited time only: 10 Euro bonus when you sign up via CoinPro.ch
Ghana aims to promote cryptocurrencies with new law
Ghana’s parliament recently passed a crypto law with which the legislation is actively trying to promote cryptocurrencies – Bloomberg reports.
In the past, the Ghanaian central bank has been critical of cryptocurrencies and their increasing adoption. So far, this has been done without regulation. Instead of issuing bans, however, the legislature has now decided to open up the country in favor of Bitcoin and Co.
Central Bank Governor Johnson Asiama explained that the central bank is responsible for distributing crypto licenses to service providers. It also acts as a supervisory authority.
According to the central bank’s findings, three million Ghanaians – or 17 percent of adult residents – are already using cryptocurrencies. The central bank therefore considered the enactment of a crypto regulation necessary.
According to Bloomberg, the aim is to increase transparency in the handling of crypto and to establish improved investor protection. In addition, they want to react to the implications of high crypto usage. The national currency, the Cedi, is affected by this.
Asiama clarified: The law, called the Virtual Asset Service Providers Bill “will ensure that new crypto activities take place within clear, accountable and well-regulated boundaries”.
Crypto regulation in Ghana to reduce costs
The Ghanaian authorities not only want to boost the spread of cryptocurrencies through improved investor protection. The crypto regulation is also intended to reduce costs for investors and providers in Ghana. The country wants to draw a clear contrast to the EU regulation MiCA, which disadvantages small businesses through rising costs.
“Supervision by regulators will reduce costs for banks, improve the customer experience and support small and medium-sized enterprises and traders,” Asiama claimed.
In African countries, cryptocurrencies such as Bitcoin have been experiencing successful growth for several years. The enormous interest of Africans can be attributed in particular to the low prevalence of financial structures.
For example, less than half of the inhabitants of sub-Saharan Africa have access to bank accounts. Instead, cryptocurrencies are used to carry out digital transactions. With a smartphone and a wallet, users are already fully equipped.
Especially in Nigeria, residents rely on Bitcoin. From 2021 to 2023, the authorities there imposed a ban on crypto transactions, which proved to be ineffective.
