Ghana Parliamentarian Urges the House to Incorporate a Crypto Law

ghana cripto ley

Yesterday on the 27th of March 2019 the House of Representatives in Ghana had a matter of urgency tabled on the floor of the house by Ama Pomaa Boateng Member of Parliament for Juabeng. In her proposal, she urges the house to pass a law that would incorporate the crypto sector into the financial system hence promote trading of crypto in Ghana.

While citing the benefits that come with cryptocurrency, Juabeng MP believes the Ghana economy will stand to gain as a whole together with its people. Further on during her presentation, she also said besides reaping from the benefits that come with crypto, the latter would change how Ghanaians make their transactions.

While finishing up her presentation, Boateng urged fellow parliamentarians to research more on crypto to understand how it works to pass the laws that would promote the development of the sector.

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Boateng Proposal Faces Rejection

However, since venturing into the crypto sector is new and emerging, Boateng will have to place her best foot forward to get the backing of the house to pass the law. After her presentation, Mark Assibey Yeboah Chair of Parliament Finance Committee objected Boateng proposal citing the view of Ghana’s central bank. The latter had released a statement in January 2018 that warned Ghanaians against engaging in crypto in any way.

Per the announcement, digital coins aren’t licensed in the country’s Payments System Act 2003(Act662). Ghana’s central bank urged citizens of Ghana only to carry transactions with licensed institutions under their purview.

With that, the chair of the parliament’s finance committee urged the house to refrain from passing any laws for the sector. He further said the industry is unregulated since there is no central control and making regulations to control the crypto sector might be challenging.

Although Yeboah view as per now is to stay away from crypto, if the country has proper legal systems in place, the laws can be tabled for discussion.

However, in Boateng proposal, she was of the idea that the government should take a leading role in regulating the sector within its borders while on the other hand, lawmakers should work in passing laws to control Ghana’s virtual currency industry as a whole.

Through the latter, Boateng believes the sector can be under government’s control with ease hence propel the industry to another level.