News:
March 28, 2019
Member of Parliament for Juaben Ama Pomaa has called on Parliament to interrogate the use of cryptocurrency and its impact on the Ghanaian economy currently and in the future.
According to the Juaben lawmaker the demand for cryptocurrency needs urgent attention, as training and digital currency inquiry by Parliament would help upgrade existing laws to regulate the market as the vast bulk of cryptocurrency and crypto assets users are simply not reported.
She further pointed out in a statement on the floor of Parliament that neither the government of Ghana nor Bank of Ghana backs cryptocurrency, as local and international payment system in cryptocurrency needs the nation’s attention.
“Mr. Speaker, the internet utilization and easy transaction capability in this potential untracked style in an international marketplace is currently a big risk to our banking sector. The utilization of the virtual currencies removes the government’s hold on the economy and renders the banks existence meaningless as people and institutions embrace this new exclusive trend of virtual currency.
This results in low tax revenues for government as well as all kinds of transactions going on the blind side of government that may have effects on our economy”.
Again, drug traffickers, prostitutes, terrorism, money laundering, tax evasion and other illegal and subversive activities all benefit from the ability to move money in untraceable ways.
However, there are several benefits that cryptocurrency can offer our economy if it is properly managed with the right laws to back it.
“Mr. Speaker, some governments are using this technology’s potential for the delivery of public services, the UK government uses GovCoin-uk to implement their “social welfare payments distribution for UK’s Department for Work and Pensions.
In Japan, annually over 3.5 million active Cryptocurrency traders use Bitcoin trading totaling ninety-seven ($97b) billion, she added.
Kwaku Sakyi-Danso/ghanamps.com