Ban on cryptocurrency still in force – Finance Ministry warns

Story: Business Desk

The government has reiterated its ban on the use of cryptocurrency in all transactions, saying that all financial institutions in the country have been directed not to engage in crypto transactions.

Minister of State at the Finance Ministry, Dr. Mohammed Amin Adam, made the announcement when he answered questions on the floor of Parliament.

“The government will continue to allow associated technologies, such as blockchain and distributed innovations in a sun box, as we explore the development of a framework. Until such a framework is in place, the government will like to reiterate its directive conveyed in several notices, including one issued on March 9, 2022, that all institutions licensed by the Bank of Ghana are prohibited from facilitating cryptocurrency transactions through their platforms or agents outlets,” the Minister of State at the Finance Ministry cautioned.

In April 2022, the Central Bank issued cautionary directives to banks and other financial entities in their dealings in cryptocurrency trade and other unregulated investment schemes.

The move was to sanitize the digital space with respect to cryptocurrency.

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