Digital currencies not licensed –Bank of Ghana

The Bank of Ghana says activities in digital currency are currently not licensed under the Payments System Act 2003 (Act 662).

It said while it has taken notice of recent developments in the use, holding, and trading of virtual or digital currencies (also known as cryptocurrencies), such as Bitcoin in Ghana, it is not legal tender and it is not regulated.

In a statement signed by Mrs Caroline Otoo, the Secretary, BoG, said the Central Bank was currently investing a lot of resources to enhance the payments and settlements system, including digital forms of money and also to introduce cyber security guidelines to safeguard electronic and online financial transactions.

It said a revised Payments System Act, referred to as Payment Systems and Services Bill, would be considered by Parliament within the next couple of months.

“This revision should bring the electronic payments space up to date to international standards and aligned with the evolving electronic payments landscape,” it said.

“While the Bank of Ghana acknowledges the enormous potential in the blockchain technology and how that can significantly transform the payments system landscape and promote financial inclusion, we are assessing with stakeholders and other international partners on how the subsequent use of the blockchain technology into digital currencies would fit into the global financial and payments architecture,” the statement added.

The statement encouraged the public to do business with only institutions licensed by the Bank of Ghana to ensure that such transactions fall under our regulatory purview.