Revise stance on cryptocurrency trading – Prof Quaynor to BoG

Revise stance on cryptocurrency trading – Prof Quaynor to BoG
Source: Bismark Awusah | JoyBusiness
Date: 04-04-2018 Time: 01:04:33:pm

Cryptocurrency expert, Professor Nii Narku Quaynor has urged the Bank of Ghana, (BOG) to revise its stance on the trade in cryptocurrencies.
According to him, the Central Bank’s stance could have a rippling effect on investment in the blockchain.

“Part of the cryptocurrency’s technology was extremely useful; which is the blockchain. So this is a very balanced kind of thing. 

What I wish we need to discuss is its implications on investments in the sense that countries which create the right environment for investments will get more on the investment so if you tell people that don’t look at crypto-currency, the net effect may not be what you desire because they may not even look at blockchain,” he said.

“Aside from stating the facts and what one is doing about it, we need to also not close out on those who want to invest in both of them; we need to recognize them and we need to begin to manage where the rubber hits the road so to speak; where cryptocurrencies hit fiat,” Prof Quaynor added.

Some months ago, the Bank of Ghana cautioned the public against transacting business with digital currencies such as Bitcoin. The Central Bank said there was no legal mechanism which recognized cryptocurrency operations in the country.

But according to Professor Nii Narku Quaynor, the Central Bank should look at the other side of the story where this could have a rippling effect on investment in the blockchain.

Professor Quaynor spoke to JoyBusiness on the sidelines of the launch of Mobex Innovation Awards. 

The awards scheme is launched to reward individuals, startups and enterprising companies which harness technology and innovation in their businesses.
The Mobex Innovation award scheme is pioneered by Coaster Limited.

A representative of the Minister of Environment, Science, Technology and Innovation, Cynthia Nyadia, said an establishment of a science, technology and innovation bill is currently at the cabinet level for approval.

According to her, the bill is inclusive of a Presidential Advisory Council and a Fund to promote science, technology and innovation.
The launch of the Mobex Africa Innovation Awards was under the theme: Recognizing Excellence in Tech Innovation.


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