Ghana has taken effective steps toward adopting blockchain technology in the financial and investment sectors, Bank of Ghana Governor Johnson Asiama said on Friday.
Asiama said at the launch of national virtual asset literacy initiative (NaVALI) that the recent passage of the Virtual Asset Service Providers Act marks a significant milestone in Ghana’s financial sector development, as it paves the way for the start of virtual assets in the country.
Virtual assets are digital representations of value often traded electronically, with products that depend on blockchain technology. Some of these products are known as cryptocurrencies, such as bitcoin, stablecoins, and tokens.
“The Bank of Ghana and the Securities and Exchange Commission, as the regulators designated under the Act, are currently focused on establishing the requisite structures, systems, and processes to ensure its timely and orderly operationalization to address regulatory gaps and risks,” the governor stated.
According to him, the central bank is aware that effective regulation and enforcement cannot be achieved by regulators alone, and it would like to see the entire ecosystem adequately prepared through a sound understanding of virtual asset activities, their implications, and associated risks.
NaVALI, he added, is therefore, the vehicle that would drive the necessary public education for a clear understanding of the operation of virtual assets, making virtual asset literacy the foundation for a safe digital economy.