Ghanaian regulator calls crypto transactions illegal – urging people to 'stay away'

The Ghana Securities and Exchange Commission (SEC) recently warned residents of the West African country to avoid cryptocurrency transactions in any form. The regulatory warning reiterated that "cryptocurrencies are illegal in the country and are not regulated by the commission, so the Ghanaians should stay away from it." Risks Associated with Cryptocurrencies During an interview, Paul Ababio, SEC's deputy chief executive, claimed that "there are risks associated with cryptocurrencies and that people lose money with such transactions." Despite the warning, Ababio conveys that its establishment may eventually decide to regulate the crypto space. (The) Bank of Ghana does not view this as a form of payment, it is not a legal tender, but we are also committed to providing frameworks. However, until this happens, the regulator urges Ghanaians to "refrain from participating in (cryptocurrency transactions)". Paul Ababio, Deputy Managing Director of Ghana (SEC). Master plan Meanwhile, Ababio reveals that "the committee has set up a fintech roundtable as part of the master plan to look at some of these innovations and the approach to follow." However, he points out that this work is still ongoing. A number of African countries are spearheading the global adoption of crypto assets. Aside from countries like Nigeria and South Africa, Ghana is one of the top nations in Africa with increasing peer-to-peer crypto trading volumes. The government of Ghana identified the adoption, and the SEC apparently witnessed stories of citizens losing money. The SEC official also took time to explain why the regulator committed to further scrutiny of cryptos. He said that his nature comes with obvious risks. People have lost their keys and are no longer able to access their money, so this is something we are working on. Ababio doesn't care, despite promising to "act on this front"

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