The stance on the legality of Bitcoin has been contentious among regulators available in many countries of the world, including Ghana. Often than not, there has been an itching question related to if Bitcoin is deemed legal or illegal within your jurisdiction.
Making a delve into the main discourse, is Bitcoin legal in Ghana?
Without any ambiguity, Bitcoin is illegal in Ghana. It is considered an unregulated tool of business and transaction. Nonetheless, Ghanaian regulators have raised eyebrows about the innovative digital currency, hence placing the legality state of Bitcoin in Ghana on the pendulum.
However, there is a need to understand the prejudice that Ghanaian regulators have towards Bitcoin and the enactment of the law in that regard. What must be clearly understood is that Bitcoin operates within a deregulated ecosystem, which translates to the fact that Bitcoin’s existence and action on the Blockchain network are devoid of a central authority.
In addition, Bitcoin was created and designed to keep personal information for creating accounts and making transactions at a low, possibly anonymous. This transaction experience is in contrast to traditional banking which heavily depends on personal data and tracking.
On the heels of its feature as a decentralized digital currency, concerns have been raised on its credibility and reliability to interested investors, which has several governments, including the Ghanaian government has sought ways to regulate Bitcoin, thereby ensuring it is compliant with its existing financial standards.
Given the position of Ghana in the operation of Bitcoin in the country, the country is getting to settle on the regulation of the cryptocurrency. The responsibility of financial regulations rests on the shoulder of the Bank of Ghana, with support from the Securities and Exchange Commission (SEC). To date, none of the regulators have produced document(s) that put Bitcoin in the context of regulation in the country.
Meanwhile, the Bank of Ghana has provided precautionary advice to Ghanaians on the use of Bitcoin for payment and investment drive.
Ghana’s apex bank reiterates the illegality attached to holding, transacting, and investing in Bitcoin which it said does have an operating license under the Payments System Act 2003 (Act662).
In its arm of provision and regulation, Ghana’s Securities and Exchange Commission (SEC) also enjoined the general public that Bitcoin investment is at their own risk. It
Report and record have not been made on individuals being arrested for using Bitcoin in Ghana, but the warning is clear and stern at using Bitcoin for activities that contravene the laws of the state, which attracts arrest and prosecution. Finally, as there have been several calls for Bitcoin regulation in Ghana, there is a dire need to recognize blockchain technology and digital currencies in line with the raving digital financial revolution.