Ghana Dot Com CEO Professor Nii Narku Quaynor is calling on the Bank of Ghana (BoG) to quickly come up with innovative regulations for cryptocurrency adoption rather than warning the public against it.
He spoke about the importance of blockchain and its related technologies at the first Africa Technovate Awards in Accra.
His call comes at a time when BoG has issued a warning to an emerging Ghanaian cryptocurrency platform, Freedom Coin, and against all cryptocurrencies. Meanwhile, one of the world's largest crypto platforms, Binance, is advertising in Ghana via pay TV.
Professor Quaynor warned that "we should not treat cryptocurrencies as we did the Internet, expecting the rest of the world to move on long before we start catching up."
He recalled that for many years he asked for local regulations for Ghana Dot Com, but was simply told that there were no regulations, adding that "as a result, it was only in 2021 that GDC was admitted to the BoG sandbox to be regulated."
According to him, some countries have legalized cryptocurrencies, saying that in Tonga, for example, cryptocurrencies helped revive its economy after being hit hard by volcanoes, while in both Ukraine and Russia cryptocurrencies are helping to sustain the economies.
Professor Quaynor praised the BoG for the steps towards rolling out its central bank digital currency (CBDC), the eCedi, and called on them to go further and guide the public through innovative regulations for accepting cryptocurrencies.
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