Cryptocurrency in Ghana

Ghana is one of the many countries in the world with a countable number of cryptocurrency traders. The citizens of the country are still maintaining cautiousness in dealing with digital currencies. This is because the central bank of Ghana has also declared, like many other countries, that cryptocurrency isn’t a legal currency yet. In the last five years, Ghana has become one of the fastest-growing mobile money markets in Africa. In fact, in a 2019 economic analysis carried out by the World Bank, it was discovered that the number of registered mobile money accounts went from just 3.8 million in 2012 to a surprising 23.9 million in 2017.

To show Ghana’s interest in cryptocurrencies, Dr. Ernest Addison, the governor of the Bank of Ghana disclosed the bank’s plans to issue its own digital currency. This might appear to go against the very reason cryptocurrencies are a good thing- decentralization and freedom from any government’s interference. However, the governor stated its reasons to be an effort of the nation to stay abreast of the increasing volume of mobile money users in Ghana.

Cryptocurrencies are Unregulated in Ghana

One might think that the great fame and popularity attached to cryptocurrencies should mean that digital currencies are regulated. But they remain largely unregulated, alongside blockchain technology. There are no laws regarding their use, but the Ghana SEC issued a general warning to investors in March 2019. In the warning, they cautioned investors to be as diligent as possible in dealing with unregistered and unlicensed trading platforms. While clearly emphasizing that cryptocurrencies are not a legal tender in the country, the SEC listed 24 prominent cryptocurrencies, including Bitcoin, Ethereum, Litecoin, etc.

The SEC’s policy research depart manager said in an interview with Cointelegraph that while an in0depth study of the cryptocurrency market hasn’t been taken yet, and neither have they conducted a market survey to accurately determine the interest in cryptocurrencies, but as indicated by the general observations, Ghanaians are attracted to cryptocurrencies because of the promises of high returns on all their investments.

A Cryptocurrency Apathy in Ghana

The Ghanaian government has obvious apathy towards cryptocurrencies and blockchain technology in the country. This is apparent in the public statements and warnings. Most of those in authority in the country believe that a major number of those interested in cryptocurrencies are only so interested because of the little information they’re exposed to. This little information has created a lot of misconceptions about cryptocurrencies and it is why so many people are rushing into it.

The Misconceptions about Cryptocurrencies

Some of these misconceptions include the belief that cryptocurrencies are a way to get quick wealth. Those who know anything about cryptocurrencies know that this is untrue, and if anything, successfully dealing with digital currencies requires a great deal of patience, knowledge, and consistency. You need to have an understanding of the market and you should always be on alert in the cryptocurrency market to know when to trade, and when not to.

Another misconception about cryptocurrencies is that they are fraudulent money-making schemes. This misconception is in two ways. The first is that it deceives fraudsters into believing that cryptocurrencies are a sure way to upgrade their fraudulent hustling game. The other aspect of this misconception is that honest individuals will want to have absolutely nothing to do with these digital currencies, because of how they’ve grown to perceive them.

Well, the fact remains that cryptocurrencies are not an avenue for fraudulent schemes, neither are they get-quick-rick schemes. They’re just digital currencies designed in order to make transactions easier and more secure. They’re also a great way to save your money, rather than saving in banks, because countries’ currencies usually fall, while cryptocurrencies rise and fall. Your ability to understand the cryptocurrencies’ seasons determines how much you’ll succeed in the market.

Where Can You Buy Cryptocurrencies in Ghana?

Bitpesa

This is the most popular Ghanaian platform for trading cryptocurrencies. All you’ll have to do is click on their website link here and follow the instructions.

Paxful

This is also another popular and secure website for dealing with cryptocurrencies. It is available in a number of countries, and Ghana is one of these countries. Click on this link to find out more.

Coindirect

With Coindirect, you can buy bitcoin, Ethereum, ripple, or any other cryptocurrency of your choice. Here is their website for you to find out more.

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