We are not against cryptocurrency - SEC

The Securities and Exchange Commission, SEC says they are not against cryptocurrency trading in the country.

Director-General for SEC Rev. Daniel Ogbarmey Tetteh said the commission is taking its time to understand the new form of trading to better regulate it.

"We know there have been a lot of talks about crypto asset, we currently do not have regulations that will govern the use of cryptocurrencies in our system, what we are doing is taking our time as a commission to get a better understanding of all the intricacies of this new wave of digital currency so that we can put in place the right framework, we are not against innovation we actually are positioned to support innovation..."

SEC considers licensing cryptocurrency 

Online trading currency, cryptocurrency, may in the near future be accepted as legal tender in Ghana if the Securities and Exchange Commission, SEC, is able to find a possible framework for which the online currency can be licensed.

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.

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Earlier this year 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.

Paul Ababio said the commission is researching 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.”