May 12, 2021

Ghana Regulator Labels Crypto Transactions Illegal— Urges People to ‘Stay Away From Them’ – Regulation Bitcoin News


Ghana’s Securities and Exchange Commission (SEC) recently warned residents of the West African country to avoid cryptocurrency transactions of any form. In the warning, the regulator reiterated that “cryptocurrencies are illegal in the country and are not regulated by the commission hence Ghanaians should stay away from them.”

Risks Associated With Crypto

In remarks made during an interview, Paul Ababio, the Deputy Director-General of the (SEC) asserts that “there are risks associated with cryptocurrencies and people have lost funds to such transactions.” However, despite issuing the warning, Ababio does hint that his organisation might eventually decide to regulate the crypto space.

(The) Bank of Ghana does not treat it as a form of payment, it is not a legal tender but we will be engaging further to come out with frameworks.

However, until that happens, the regulator urges Ghanaians to “desist from participating (in cryptocurrency…

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