The Bank of Ghana has announced that using Bitcoin in transactions and trading in the cryptocurrency is now deemed illegal. The Governor of Ghana\'s central bank Dr Ernest Addison stated that the cryptocurrency is not seen as a legitimate form of currency by the government.
\r\nDuring the conclusion of the Monetary Policy Committee (MPC) annual meeting on Monday, Addison said that the necessary regulations required for Bitcoin use have not yet been developed by the officials of the country. He said that the Bank must approve all currency in order for it to be used.
\r\nHowever, he did state that a Settlements and Payments bill was currently being drawn up that would provide clear guidelines for the use of cryptocurrency in the near future. Ghana\'s citizens have become increasingly interested in Bitcoin, with the term ranking the highest search term used on Google for all countries who searched the term in April of 2016.
\r\nPapa-Wassa Chiefy Nduom, acting vice president of Group Nduom, has previously suggested that the Bank of Ghana invest 1% of its finances into Bitcoin in order to diversify investments.
\r\nNduom said that he didn\'t see Bitcoin as a gamble, arguing that every investment is a gamble and that even leaving one\'s bed each morning is a gamble. He said that if people only ever focused on risk, then they would become paralysed by inaction.
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