Cryptocurrencies have become a global craze since the 2017-2018 bullish run by the world’s biggest cryptocurrency, Bitcoin and its other alternatives.
At some point in 2017, one bitcoin was selling for 100,000 Ghana cedis, a feat which made many early adopters of the crypto asset very rich.
Since then, many people including organizations, companies and governments all over the world developed a massive interest in Bitcoin and other cryptocurrencies.
One question that has become very popular in the crypto world after 2017 has to do with if cryptocurrencies are legal in various countries.
To be specific, it has been queried severally, whether Bitcoin and other cryptocurrencies are legal within Ghana.
Interestingly, this question has a very simple but complicated answer.
The simple answer is Yes and No.
Now, to the complex or complicated answer, Bitcoins are very difficult to regulate in any part of the world. Several countries have thought of regulating the currency but it has been very difficult since the currency does not have any central system or organization managing it.
In fact, Bitcoin is decentralised such that anyone can determine how much the currency is valued at any time of the day. So, in effect, everyone holding a wallet containing Bitcoin has a bank of his or her own.
As such, it is difficult for governments to control the use of the currency since they cannot have the database of everyone who owns it.
Some governments are however collaborating with some tech companies to create their own cryptocurrencies which would then be managed by government agencies and hence be regulated.
Now, back to the answer to the question. Ghana does not have the legislative power or rule to regulate Bitcoins or any other cryptocurrencies.
Ghana’s constitution precedes the birth of Bitcoin so since there has been no new bill by parliament to set up an institution to regulate cryptocurrencies in the country, it is clear that there is no such organization or department responsible for regulating this financial instrument in Ghana.
As such, there are no legal backings in favour or against anyone using cryptocurrencies in Ghana. This, therefore, leaves you to your own fate in the crypto world as a Ghanaian.
In case you get defrauded or you lose some volume of Bitcoin or any other cryptocurrency online, you may not have the right legal grounds to file a suit against anyone here in Ghana except there are other charges that can be pressed.
In fact, Ghana is not the only country in this. In Africa, the countries with a big interest in Cryptocurrencies are Nigeria and South Africa which have hundreds of thousands and millions of their citizens using cryptocurrencies.
However, none of these states has the legal framework to support the use of cryptocurrencies in their respective countries.
It is of utmost concern to everyone interested in cryptocurrencies to understand the legal framework behind cryptocurrencies in their various countries of residence.
For those of us in Ghana, it is unfortunate that there is no framework for Bitcoin and other cryptocurrencies in our legal system.
As such, it is only fair to say the Cryptocurrencies are neither legal nor illegal in Ghana.
In conclusion, it is left to us as individuals interested in the use of Bitcoin and other cryptocurrencies to be extra careful when doing transactions online since we may not have any support system when things go wrong.
If you have any feedback or reservations regarding this post, kindly share them with us in the comment box below.
Do well to share this post with your family and friends.