Parliament has cautioned Ghanaians against trading in cryptocurrency because they are likely to lose their investment at the end.
Most Ghanaians have lost their investment with these crypto companies that promise them fixed interest rates.
After reported cases of crypto companies unable to pay its customers, Securities and Exchange Commission, SEC said if they are able to find a possible framework for which the online currency can be licensed it will be legalized in Ghana.
The currency is currently not accepted in Ghana for business transactions but the Securities and Exchange Commission, SEC, is considering possible ways of getting the cryptocurrency platforms licensed for it to be legal tender in Ghana.
The Deputy Director General of SEC, Paul Ababio responding to calls by some aggrieved customers of cryptocurrency company, Global Coin Community to help retrieve their locked investments said the platform is currently not licensed and anybody who trades in the currency does that at their own risk.
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Paul Ababio said the commission is researching about the online trading platform and coin to see the possible ways of dealing with it in Ghana.
“.....People to desist from dealing with these crypto entities but when you choose to go there you are on your own, we are looking at the area obviously various chances of…...have adopted a wide range of chances on it and we are still doing our research and gathering information and we welcome any input that people might have to help us formulate a view on how we should deal with it in Ghana.â€
Speaking on the floor of Parliament on Wednesday March 27, Chairman of the Finance Committee Dr Mark Assibey Yeboah said: “People should not engage in cryptocurrency trading, Mr. Speaker cryptocurrency strikes fear in a lot of people as a matter of fact some have predicted that this is a bubble waiting to burst and the valuation of crypto-currency have come down if you hold crypto previously I think the value was around 20 dollars per crypto but now it has come down to 6 dollars I may come down to zero it means you’ve lost all of your investment.â€