Ghanaâ€™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 â€œcryptocurrencies are illegal in the country and are not regulated by the commission hence Ghanaians should stay away from them.â€
Risks Associated With Crypto
In remarks made during an interview, Paul Ababio, the Deputy Director-General of the (SEC) asserts that â€œthere are risks associated with cryptocurrencies and people have lost funds to such transactions.â€ However, despite issuing the warning, Ababio does hint that his organisation might eventually decide to regulate the crypto space.
In the meantime, Ababio reveals that â€œthe commission is forming a fintech round table as part of its master plan to look into some of these innovations and the approach to take.â€ However, he cautions that this is still a work in progress.
A number of countries in Africa are leading the race when it comes to the global adoption of crypto assets. Aside from places like Nigeria and South Africa, Ghana is one of the top countries in Africa with rising peer-to-peer crypto trade volumes.
Ghanaâ€™s government has noticed the adoption and the SEC has witnessed ostensible stories of citizens losing funds. The SEC official also took time to explain why the regulator has undertaken to study cryptos further. He said:
While Ababio has promised â€œsome action on that frontâ€, he still fails to give the exact timeframe within which â€œthe commission is expected to come out with a final decision on the matter.â€
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