Does bank of Ghana accept Bitcoin? Which bank in Ghana can I exchange Bitcoin for cash? If you are looking to know whether or not Bitcoin is legal in banks in Ghana, you have come to the right place.
Bitcoin is a digital currency that is used by millions of people worldwide. Bitcoin can be used instead fiat currency or physical cash. As at today, Bitcoin is available in over 150 countries and territories worldwide.
Ghana is one of the countries where Bitcoin is available. However, as more people in the country begin to use it, the common question is: Do banks in Ghana accept Bitcoin?
Do Banks Accept Bitcoin in Ghana?
The short answer is 'NO'. As of now, no traditional banks in Ghana directly accept Bitcoin or any other cryptocurrencies. This is largely due to the regulatory stance and the inherent volatility of digital currencies. Traditional banks operate under strict regulatory frameworks that prioritize stability and security, making the integration of volatile and decentralized assets like Bitcoin challenging.
Regulatory Environment
The Bank of Ghana (BoG), the country's central bank, has issued several statements regarding cryptocurrencies. While the BoG has not outright banned the use of Bitcoin, it has expressed caution, emphasizing the risks associated with cryptocurrencies, such as fraud, money laundering, and market volatility. The central bank's primary concern is to protect consumers and ensure the stability of the financial system.
In 2018, the BoG stated that cryptocurrencies are not legal tender in Ghana and warned the public about the risks of dealing with unregulated digital currencies. This stance means that while individuals are not prohibited from buying or selling Bitcoin, they do so at their own risk, without any legal protection from the government or financial institutions
"The Bank of Ghana has taken notice of recent developments in the use, holding, and trading of virtual or digital currencies (also known as cryptocurrencies), such as Bitcoin in Ghana. The Bank of Ghana wishes to notify the general public that these activities in digital currency are currently not licensed under the Payments System Act 2003 (Act 662).
The Bank of Ghana is currently investing a lot of resources to further enhance the payments and settlements system, including digital forms of money and also to introduce cyber security guidelines to safeguard electronic and online financial transactions. A revised Payments System Act referred to as Payment Systems and Services Bill will be considered by Parliament within the next couple of months.
This revision should bring the electronic payments space up to date to international standards and aligned with the evolving electronic payments landscape. While the Bank of Ghana acknowledges the enormous potential in the blockchain technology and how that can significantly transform the payments system landscape and promote financial inclusion, we are assessing with stakeholders and other international partners how the subsequent use of the blockchain technology into digital currencies would fit into the global financial and payments architecture.
The public is therefore strongly encouraged to do business with only institutions licensed by the Bank of Ghana to ensure that such transactions fall under our regulatory purview. For the avoidance of doubt, the public can always consult our website (www.bog.gov.gh) for a list of licensed banks and non-bank financial institutions in Ghana. The Bank of Ghana assures the general public of its continuous efforts to safeguard the stability and soundness of the financial sector"
As you can see, no bank in Ghana accepts Bitcoin nor any bank in Ghana accepting Bitcoin. The only way to buy Bitcoin in Ghana is through cryptocurrency exchanges such as Binance, Paxful, and Coinbase.