Is cryptocurrency legal in Ghana is a question that is often asked.
Many people are interested in is cryptocurrency legal in ghana.
Cryptocurrency is a new type of digital currency that is secure and anonymous.
You can use it to purchase goods or services from people who accept cryptocurrency as a form of payment.
Cryptocurrencies are globally accepted, which is why the question of legality is important for Ghanaian citizens.
We’ll explore some factors affecting the legality in Ghana so you can decide if this is something you want to get involved with.
Is Cryptocurrency Legal in Ghana?
Yes, Bitcoin and other cryptocurrencies are not illegal in Ghana and it’s not legal tender.
The Bank of Ghana which is the central bank in Ghana has not issued any regulatory directives on Bitcoin or other cryptocurrencies yet.
However, the Central Bank has indicated that it doesn’t consider such instruments as currencies or financial assets so investments in Bitcoin and other cryptocurrencies don’t fall under any regulation by the Bank of Ghana.
Even though the Bank of Ghana (BoG) has not given its official stance on cryptocurrencies, it cannot be unlawful for individuals or businesses to use cryptocurrencies.
The BoG will continue to monitor developments globally and stand ready to take appropriate measures should risk emerging in this area.
That being said, we will be looking into good cryptocurrency projects that have the potential to make your investment grow exponentially…..
Top 20 Cryptocurrencies to Invest in Ghana
Ghana is one of the countries I would recommend investing in cryptocurrencies.
Not only are there some great resources on cryptocurrency trading online, but it’s also a great way to make money.
With that’s been said, I’ve compiled a list of the top 20 cryptocurrencies to invest as a Ghanian:
- Bitcoin
- Litecoin
- Ethereum
- Dogecoin
- VeChain
- Binance Coin
- Ripple
- Shiba
- Basic Attention Token
- Cardano
- Monero
- NEM (XEM)
- TRON (TRX)
- Dash (DASH)
- BitTorrent (BTT)
- Polkadot (DOT)
- Neo (NEO)
- Celsius (CEL)
- Nano (NANO
- Dai / MakerDao (DAI)
These are some great projects to invest in if you want to make some money and a good investment as a Ghanian.
Some are better for long-term investments, while others might be better for short-term gains (because they’re volatile).
Cryptocurrency exchanges are the key to investing in and buying cryptocurrencies.
There’s several of them out there, but some to try when you’re based in Ghana (or anywhere else) include:
- Coinmama
- Kraken
- LocalBitcoins
Is Cryptocurrency regulated in Ghana?
No, cryptocurrency is not regulated in Ghana.
Ghana’s Securities and Exchange Commission (SEC) recently warned residents of the West African country to avoid cryptocurrency transactions of any form.
The SEC informs the general and investing public that none of these Cryptocurrencies is recognized as currency or legal tender in Ghana.
The platform on which they are traded is also not licensed nor regulated by the SEC.
The SEC would like to make it clear that it does not currently regulate these types of products offerings and their accompanying online trading platforms or Exchanges.
It is important to note that cryptocurrency is not regulated in Ghana. As such, there are no legal protections for investors.
It is also very difficult to find information on how cryptocurrency works exactly (especially because it is an online currency), which makes the investment even riskier.
For these reasons, anyone interested should be careful before investing or trading.
Do Ghana banks accept Bitcoin or any type of Crypto?
Ghana banks currently do not accept bitcoin or crypto.
The Bank of Ghana does not treat it as a form of payment, it is not a legal tender but we will be engaging further to come out with frameworks.
How can I buy Bitcoin legally in Ghana?
Bitcoin is legal, as such, you can just go ahead and buy Bitcoin with Ghanaian cedi on both mobile and desktop.
Bitcoin in Ghana is a very new phenomenon, and it’s still in its very early stages.
However, you can purchase Bitcoin available from a well-recognized cryptocurrency exchange which includes:
- Binance
- Paxful
- Coinmama
- Kraken
Can you buy crypto with a credit card in Ghana?
You can’t currently buy crypto with a credit card in Ghana.
A number of banks in the country allow their customers to buy and sell bitcoin but in trading in cryptocurrency, you need to exchange your fiat currency (Ghana Cedi) for a cryptocurrency (bitcoin).
This is done by transferring money from one which supports bank deposits into the “cryptocurrency account”.
Is Coinbase legal in Ghana?
Yes, Coinbase is legal and supported in Ghana.
Coinbase only allows crypto-to-crypto conversions for Ghana
Coinbase is an international company. You can use it for purchases around the world.
Coinbase is the world’s largest crypto exchange, which means that it processes a lot of transactions each day.
It also offers benefits to the customers that other exchanges don’t have.
Is Binance legal in Ghana?
Yes, Binance is legal in Ghana.
Binance is a cryptocurrency exchange and it is one of the largest exchanges in the world today.
Binance is legal in Ghana because it is regulated under Anti-Money Laundering (AML) laws enforced by the Government of Ghana. Binance also complies with other regulations like KYC
Can I convert Bitcoin to cash in Ghana?
Yes, you can convert Bitcoin to cash in Ghana.
There are many different Bitcoin exchanges that can be used to convert Bitcoin to cash in Ghana.
One way of converting bitcoin into cash would involve looking for an exchange like:
- Binance
- Paxful
- LocalBitcoins, that support Peer-to-peer (P2P) trading that has Ghana cedis pair
What is the future of cryptocurrencies In Ghana?
In Ghana, the future of cryptocurrencies is currently uncertain.
Some people have been looking at adopting digital currencies in Ghana as a means of improving their social safety nets and strengthening accountability in government.
Ghana’s population has grown rapidly this century, but there still are many people without access to banking services.
This means bitcoins could become attractive forms of service for people who want to avoid intense bureaucracies and large transaction fees associated with their use at traditional banks.
Cryptocurrencies are the future of Ghana.
Crypto enthusiast is increasing at a rate of tenfold every year, and it’s predicted that crypto will be the norm for digital funds by 2023.
Cryptocurrencies were also recently legalized in Ghana so they are likely to have a strong impact on domestic transactions within the next 10 years.
Is Bitcoin or Cryptocurrency taxable in Ghana?
Yes.
Bitcoin and other Cryptocurrencies are taxable in Ghana just the same way that property or asset is subject to taxes, valuation, and duties in accordance with section 55 of the Income Tax Act 2008.
Tax
Cryptocurrency taxes have been clarified by the CBA Guideline on Crypto-currencies.
The Ghana Inland Revenue Agency does not regulate cryptocurrency taxation but they do provide guidance for this field.
Is Cryptocurrency banned in Ghana?
Cryptocurrency is not banned in Ghana.
Cryptocurrency is legal but unregulated in Ghana, meaning that it has not been specifically authorized or either prohibited by the Bank of Ghana.
The Central Bank of Ghana clarified on December 11 2017 that “the Minister’s statement was misinterpreted and no agency has made any laws stipulating the use or ban of bitcoin uses within the country”)
Is trading in cryptocurrency legal in Ghana?
Trading in cryptocurrency is legal in Ghana, but Ghanaian or other African regulatory boards have not issued or approved any cryptocurrency exchange platform.
It’s important to understand that cryptocurrencies are not issued or guaranteed by any government, central bank, or other legal authority.
This means that the value of crypto is only determined by the market.
When trading, it’s always best to get a feel for what others think about a certain coin in order to give you an idea of how much it’s worth when exchanging for another type.
Is investing in cryptocurrency legal in Ghana?
In Ghana, investing in cryptocurrency is completely legal.
That said, there is no agency that regulates the trade of cryptocurrencies within the country.
In other words, it’s technically a free market and the price fluctuates according to supply and demand.
This also means that there are no trading caps or securities regulations attached to investing in cryptocurrencies either.
Is mining cryptocurrency legal in Ghana?
Cryptocurrency mining is legal in Ghana.
Ghana does not have any laws which make the mining of cryptocurrency illegal according to law minister Samuel Nii Ankrah Akabor.
He further claimed that there are very few people who are mining cryptocurrencies since it doesn’t generate employment opportunities, but there’s no law against them doing it.
Is buying and selling cryptocurrency legal in Ghana?
Yes, buying and selling of cryptocurrency are legal in Ghana.
The new regulations allow individuals and companies to buy, sell, transfer or transact virtual currency as long as the person paying has the appropriate virtual currency for sale.
It still remains illegal to use virtual currency in place of legal tender which includes profit and omission gains derived from trading with the said currencies.
Is Cryptocurrency Legal in Ghana – Final Thoughts
Cryptocurrency is legal in Ghana and the government of Ghana has taken no steps to ban or restrict it.
However, the Central Bank of Ghana has since issued a warning on bitcoin use due to its volatility.
This, coupled with the high rate of internet access among individuals in Ghana (according to IHS Technology), means that there is abundant opportunity for scams and false branding.
It is best to be diligent when purchasing bitcoins or any other form of cryptocurrency online because transactions are not reversible.
