Africa has been at the forefront of blockchain adoption and development. More and more African countries are passing legislation to protect digital assets and make them taxable. South Africa was the most recent to create comprehensive cryptocurrency regulations. West Africa’s Ghana has also been at the forefront of advancing cryptocurrency on the continent.
Countries in the developing world are increasingly recognising the positive benefits of having a healthy, regulated cryptocurrency sphere running in parallel to the official financial agencies. In this regard, Ghana has taken up the baton by extensively integrating blockchain into its systems.
Baker Mckenzie noted that although cryptocurrency is not legal in the country, the Bank of Ghana has confirmed that they have drafted a regulatory framework known as the Payment Systems and Services Bill in order to regulate cryptocurrency in the future.
The report further indicated that Ghanaian startup Bitland has incorporated blockchain technology in efforts to register official landowning deeds. About 80% of landowners in the country do not possess physical titles and thus struggle to legally manage their properties.
Moreover, a Ghanaian fintech startup called Sesacash has developed a digital wallet. It allows both Ghanaians and Nigerians to manage about 20 fiat and digital currencies, reported Disrupt Africa. This could further the popularity of cryptocurrency usage in the country, as it provides ease of use of digital assets.
The future of cryptocurrency in Ghana
Coindesk reported that the Bank of Ghana has announced their interest in creating their own digital currency. With the growing popularity in cryptocurrency and blockchain systems, the bank feels it will be beneficial for the financial authorities to create their own currency. This comes as Ghana becomes more digitised and more people resort to online banking options. Cointelegraph reported that Ghana also has two cryptocurrency ATMs functioning in the country.
As Africa progresses towards becoming the most welcoming continent to blockchain, Ghana is sure to further its endeavours in this sphere.