No Result
View All Result
Friday, March 24, 2023
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Support Ghana’s efforts to restore debt sustainability – IMF to bilateral creditors

    Talks with China over $1.7bn debt positive, encouraging – Ofori-Atta

    China to seek proper resolution with Ghana over $1.7bn debt

    GSE signs MoU with MIIF to increase listing of mining companies

    Ghana Best Cocoa Farmers Association lauds COCOBOD boss

    Consider cocoa pricing in your legislation – COCOBOD CEO to EU

    Fitch upgrades Ghana’s Long-term local-currency IDR from ‘RD’ to ‘CCC

    Producer Price Inflation drops to 50.8% in February 2023

    Growth and Sustainability Levy will stifle growth of local oil service companies – Upstream Petroleum Chamber

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Industry experts convene to discuss diversification strategies for pension funds

    It’s time to give women top posts in multilateral institutions – GCBL Chairman 

    Global Chamber of business leaders enters into partnership with IEFS

    Gold for Oil policy will save Ghana $4.8bn annually – Veep

    Energy Minister scheduled to speak on Ghana’s near-term opportunities at NAEPEC 2023

    Standard Chartered appoints Ebenezer Twum Asante as Chairman of Board of Directors

    Abena Amoah named in WFE’s top 20 women leaders

    International Women’s Day: Female engineering students tour Karpowership

    BoG directs banks to submit prudential reports on sex-disaggregated basis

  • TECHNOLOGY

    Cyber Security Authority commences licensing and accreditation regime

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

    5 important things to know about the African Continental Free Trade Area agreement

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Support Ghana’s efforts to restore debt sustainability – IMF to bilateral creditors

    Talks with China over $1.7bn debt positive, encouraging – Ofori-Atta

    China to seek proper resolution with Ghana over $1.7bn debt

    GSE signs MoU with MIIF to increase listing of mining companies

    Ghana Best Cocoa Farmers Association lauds COCOBOD boss

    Consider cocoa pricing in your legislation – COCOBOD CEO to EU

    Fitch upgrades Ghana’s Long-term local-currency IDR from ‘RD’ to ‘CCC

    Producer Price Inflation drops to 50.8% in February 2023

    Growth and Sustainability Levy will stifle growth of local oil service companies – Upstream Petroleum Chamber

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Industry experts convene to discuss diversification strategies for pension funds

    It’s time to give women top posts in multilateral institutions – GCBL Chairman 

    Global Chamber of business leaders enters into partnership with IEFS

    Gold for Oil policy will save Ghana $4.8bn annually – Veep

    Energy Minister scheduled to speak on Ghana’s near-term opportunities at NAEPEC 2023

    Standard Chartered appoints Ebenezer Twum Asante as Chairman of Board of Directors

    Abena Amoah named in WFE’s top 20 women leaders

    International Women’s Day: Female engineering students tour Karpowership

    BoG directs banks to submit prudential reports on sex-disaggregated basis

  • TECHNOLOGY

    Cyber Security Authority commences licensing and accreditation regime

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

    5 important things to know about the African Continental Free Trade Area agreement

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

Digital currencies not licensed in Ghana – BoG

bycitibusinessnews
January 22, 2018
in Banking And Finance, Government, Local Economy, TECHNOLOGY, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

The Bank of Ghana has cautioned the public against transacting business with digital currencies such as Bitcoin, in Ghana.

According to the Central Bank, it has not licensed the activities in digital currency under the Payments System Act 2003.

“The Bank of Ghana wishes to notify the general public that these activities in digital currency are currently not licensed under the Payments System Act 2003 (Act 662),” a statement on the development said.

ADVERTISEMENT

It further indicated that the central bank is deepening its laws on electronic and financial transactions in line with international standards and the evolving electronic payments landscape.

“The Bank of Ghana is currently investing a lot of resources to further 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.”

Responding to this issue at the Monetary Policy Committee meeting on Monday, January 22, 2018, the Governor of the Bank of Ghana, Dr. Ernest Addison also stressed some progress made by his outfit regarding regulating digital currencies.

“The Bitcoin is a digital community currency that is being used to undertake global payments it is not a legal tender in this country hence people have to be conscious on their approach to that,” he stated.

Dr. Addison added, “We are looking at the new payments systems bill that will deal with the issue of digital and electronic money and that new bill will be passed by Parliament in the next few months. And then we hope that after the bill comes out, more modern forms of payments that are issued by banks and non banks that would be registered by the Bank of Ghana would be covered by the laws and the regulatory purview of the bank.”

Bitcoin, among other cryptocurrencies, have gained significant prominence across the world as a digital trading currency.

Litecoin, Ethereum, Zcash, and Ripple are among the many different cryptocurrencies.

While some countries and organizations are accepted Bitcoin as a legal tender, others have reacted negatively to its use.

The value of one bitcoin shot up by almost 1,300% from $999 in January 2017 $13,800 on December 31, 2017.

Some Ghanaians have launched campaigns to impress upon the government to open up to allow trading in digital currencies.

‘Invest 1% of dollar reserve into bitcoin’

Recently, the Vice President of Groupe Nduom, Papa-Wassa Chiefy Nduom, urged the Bank of Ghana [BoG], to consider investing foreign currency reserves into bitcoin.

Chiefy Nduom, a Bitcoin enthusiast with a background in banking technology, said that the bitcoin cryptocurrency could become digital gold for Ghana and other countries on the African continent.

“Just as investors will take gold and store it in their banks around the world to hedge against risks that they can’t perceive because they can’t predict the future, people are doing the same thing with bitcoin,” Mr. Nduom noted in a video message ushering in 2018…. In Ghana, in particular, I think the Central Bank should look very carefully into putting maybe up to 1 percent of our dollar reserves into bitcoin, studying the space and announcing to the world that we are going to be open for investment in bitcoin… we need to be heavily invested in these areas,” he said.

What is Bitcoin?

Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.

It’s the first example of a growing category of money known as a cryptocurrency.

–

By: Pius Amihere Eduku & Jonas Nyabor/citibusinessnews.com/Ghana

Related Posts

Local Economy

Support Ghana’s efforts to restore debt sustainability – IMF to bilateral creditors

bycitibusinessnews

The International Monetary Fund (IMF) has called on all bilateral creditors to support Ghana's efforts to restore debt sustainability, as...

Read more

Talks with China over $1.7bn debt positive, encouraging – Ofori-Atta

China to seek proper resolution with Ghana over $1.7bn debt

GSE signs MoU with MIIF to increase listing of mining companies

Ghana Best Cocoa Farmers Association lauds COCOBOD boss

Consider cocoa pricing in your legislation – COCOBOD CEO to EU

Fitch upgrades Ghana’s Long-term local-currency IDR from ‘RD’ to ‘CCC

Next Post
Benjamin Yeboah - Executive Secretary, GUTA

GUTA demands consultation in review of GIPC law

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.