Ghana ranked 9th country with highest rate of ownership

Ghana, out of 27 surveyed countries, has been ranked the 9th country with the highest rate of cryptocurrency ownership among its adult population.

According to the Cryptocurrency Adoption Index report made available by the Finder.com, 17% or approximately 3.1 million Ghanaian adults own cryptocurrency.

This is despite the ban on ownership and use of cryptocurrency in the country by the Bank of Ghana.

The Finder.com notes that 17% of Ghanaian adults owning cryptocurrency is above the global average of 15%.

Per the study by Finder.com, across the globe, some regions are adopting cryptocurrency much faster than others.

Ghana for instance, is adopting cryptocurrency much faster than the US and its African peers like Kenya and South Africa.

“Cryptocurrency ownership in Ghana is behind countries like Australia (23%), Indonesia 22%) and Nigeria (22%), but ahead of countries like Kenya (16%), South Africa (11%) and the United States (10%).

“Of the African countries surveyed, ownership is highest in Nigeria and Bitcoin is the most popular coin to hold among Ghanaians followed by Dodgecoin and Ethereum,” said Finder.com.

BoG bans use of cryptocurrency

The BoG has restricted the use of cryptocurrencies in the country stating that the digital currencies are not licensed under its Payment Systems Act 2003 (Act 662).

According to BOG, cryptocurrency does not have the backing of the central bank and cautioned the public against trading or using it in any form in Ghana stating that those engaged in the use of it in any form do so at their own risk.

Adding that, aside not meeting the standard functions of money – which is, a medium of exchange and a unit of account – and its high volatility, cryptocurrency is not a regulated activity of the Central Bank.

“Cryptocurrency is not a regulated activity of the Central Bank, and so the public must not trade in it,” averred the Governor at the 100th MPC press briefing.

Meanwhile, the Central Bank has said plans to issue its own digital currency are far advanced.

Making the disclosure at the 100th Monetary Policy Committee (MPC) press briefing, Dr Addison noted the Bank has completed the first phase of the process which is the preferred design for the digital currency.

The second phase the Governor noted, constitute the implementation and piloting phase, which  is currently being worked on by the Bank.

“We are quite advanced in the process to issue a digital currency, the first phase was the design of the electronic system and the second phase which is where we are currently, which is to see to the implementation and piloting phase of the digital currency,” he stated.

“After the pilot phase, we will then know if the digital currency is feasible and if not, what needs to be done to make it better,” he added.

Source: norvanreports

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