According to the words of Dr Amin Adam, the Ghanaian Finance Minister of State, cryptocurrencies remain illegal within the country’s financial system as reported by BitcoinKe.
Addressing the parliament, the minister reportedly said that the Ghanaian government at present doesn’t have a developed framework yet, thus rendering all crypto transactions by banks illegal.
The Bank of Ghana launched a regulatory sandbox pilot to test various business innovations under the regulator’s supervision.
The country’s apex bank had mentioned it would prioritize products and services deploying the blockchain technology.
Some of the categories with priority in the regulatory sandbox include:
- Blockchain technology
- Remittance products
- Crowdfunding products and services
- e-KYC platforms
- Digital banking
The Bank of Ghana in 2022 partnered EMTECH Solutions, a software services firm that targets central banks to launch a regulatory and innovation sandbox.
EMTECH’s sandbox aims to provide a supportive platform for innovators to conduct small-scale live testing of their creations.
The bank has initiated the first cohort of this regulatory sandbox and invited innovators to apply from February 13 to March 14, 2023.
While the exact timeline for unveiling a cryptocurrency framework remains uncertain, the bank is actively pursuing the testing of its central bank digital currency known as eCedi.
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