BANK OF GHANA
NOTICE TO BANKS AND SPECIALIZED DEPOSIT-TAKING
INSTITUTIONS (SDIs) AND THE GENERAL PUBLIC
NOTICE NO. BG/GOV/SEC/2018/02
DIGITAL AND VIRTUAL CURRENCIES OPERATIONS IN GHANA
The Bank of Ghana has taken notice of recent developments in the use,
holding, and trading of virtual or digital currencies (also known as
cryptocurrencies), such as Bitcoin in Ghana. The Bank of Ghana wishes
to notify the general public that these activities in digital currency are
currently not licensed under the Payments System Act 2003 (Act 662).
The Bank of Ghana is currently investing a lot of resources to further
enhance the payments and settlements system, including digital forms
of money and also to introduce cyber security guidelines to safeguard
electronic and online financial transactions. A revised Payments System
Act referred to as Payment Systems and Services Bill will be considered
by Parliament within the next couple of months. This revision should
bring the electronic payments space up to date to international
standards and aligned with the evolving electronic payments landscape.
While the Bank of Ghana acknowledges the enormous potential in the
blockchain technology and how that can significantly transform the
payments system landscape and promote financial inclusion, we are
assessing with stakeholders and other international partners how the
subsequent use of the blockchain technology into digital currencies
would fit into the global financial and payments architecture.
The public is therefore strongly encouraged to do business with only
institutions licensed by the Bank of Ghana to ensure that such
transactions fall under our regulatory purview. For the avoidance of
doubt, the public can always consult our website (www.bog.gov.gh) for a
list of licensed banks and non-bank financial institutions in Ghana.
The Bank of Ghana assures the general public of its continuous efforts
to safeguard the stability and soundness of the financial sector.
(SGD)