The
Bank of Ghana has released a draft guideline on digital assets, including
cryptocurrencies like Bitcoin and Tether (USDT). This move is aimed at
regulating the use of digital assets in the country, which has seen a
significant increase in adoption over the past three years.
The
draft guideline is open for feedback from industry stakeholders and the public
and is part of the Bank's efforts to balance innovation with risk management.
The Bank is seeking to foster innovation while effectively managing risks
associated with digital assets, such as money laundering, fraud, and
cyber-theft.
“While acknowledging the innovative and beneficial applications of
digital assets in cross-border payments, charitable donations, crowdfunding,
international remittances, as well as the economic opportunities presented by
asset tokenization, the Bank remains vigilant in addressing potential drawbacks,”
it noted.
“Furthermore, the Bank has taken note of the guidance and
regulatory frameworks issued by prominent International Standard Setting Bodies
(SSBs), including the Financial Stability Board (FSB), the Financial Action
Task Force (FATF), International Organization of Securities Commissions (IOSCO)
as well as the policy approaches of some jurisdictions regarding digital asset
regulations,” it added.
The
release of the draft guideline comes as the use of digital assets in Ghana
continues to grow, driven by high mobile money penetration, a tech-savvy youth
demographic, and the rise of online companies offering crypto and virtual asset
services.
The
Bank's notice prohibiting banks and payment service providers from facilitating
crypto asset transactions remains in effect until formal guidelines are
published.
By: Nana Appiah Acquaye
