Ghana SEC Warns Investors of Crypto Transactions, Label It ‘Illegal’
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Ghana SEC Warns Investors of Crypto Transactions, Label It ‘Illegal’

May 4, 2021      Deepshikha Gupta

Ghana’s Securities and Exchange Commission (SEC) warns investors of trading in cryptocurrencies and asks to avoid any type of crypto-transaction while mentioning it as ‘illegal.’ The commission advises its people to ‘Stay Away From Them.’

SEC Make Crypto Transactions Illegal in Ghana

In the warning, the regulator dwells on the fact that “cryptocurrencies are illegal in the country and are not regulated by the commission hence Ghanaians should stay away from them.”

Paul Ababio, the Deputy Director-General of the (SEC), remarked in the interview:

“There are risks associated with cryptocurrencies and people have lost funds to such transactions.” “(The) Bank of Ghana does not treat it as a form of payment, it is not a legal tender, but we will be engaging further to come out with frameworks.”

However, despite issuing the warning, Paul Ababio hints that SEC may decide to look for measures to invest in the crypto sphere

The regulatory authority asks Ghanaians to “desist from participating in cryptocurrency transactions.”

The Commission Is Still Planning an Approach to Take

Paul Ababio also revealed:

“The commission is forming a fintech round table as part of its master plan to look into some of these innovations and the approach to take.”

Also, mentioning that the work is still in progress. 

The government of Ghana has noticed the increased interest of Ghanaians in the crypto-space. However, the commission witnessing the stories of citizens losing funds cannot be ignored. Ghanaians investors are also witnessed to use peer-to-peer trading as in Nigeria. The SEC explained the reasons for studying crypto further stating:

“There are clear risks to the nature of it. People have lost their keys and they can no longer access their funds so it is something that we are studying.”

While Ababio has guaranteed “some action on that front.” However, he is still not clear about the expected timeframe in which the SEC can announce final words. 

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Deepshikha Gupta
Deepshikha Gupta

A student from a technical background, Deepshikha found Bitcoin in 2020 and has been an evangelist ever since. A B.Tech turned into a full-time crypto-writer, she tries to bridge the gap that currently exists between the crypto world and people from non-technical backgrounds, through her simplistic yet effective form of writing. She finds that her writing for cryptocurrencies can redefine the way the audience interacts with the crypto space.