BoG assures provision of regulations to support blockchain innovations

BoG assures provision of regulations to support blockchain innovations
Source: Ghana | | GN
Date: 06-12-2018 Time: 01:12:34:am

First Deputy Governor of the Bank of Ghana (BoG), Dr Maxwell Opoku Afari, has said the central bank remains committed to blockchain innovations that can propel the country’s development agenda.

Delivering a keynote address at the second edition of the Blockchain Conference in Accra, he said the BoG  will continuously provide a regulatory environment that is supportive of innovation without undermining stability of the financial system.

“I urge you to be guided by responsible innovation in your deliberations on Blockchain and its application for the financial sector,”. Dr Opoku Afari told participants at the conference that rounded to a close few weeks ago.

Organised by Blockchain Network with the support of Bank of Ghana and other stakeholders, the second edition of the conference themed, “Blockchain technology for Development”, brought together over 150 participants across various spheres in Ghana and beyond. The Blockchain Conference was aimed at creating awareness and network with peers, create a good policy environment for Blockchain technology to flourish, knowing the policy issues, meeting stakeholders and share best practices, having first-hand demos on some of the tools and hearing from the experts.

During her opening address at the conference, Organizing Committee Chair of Ghana Blockchain Conference, Madam Nancy Dotse said, “The advent of Blockchain / Crypto Currencies has undoubtedly changed the paradigm of business transactions worldwide and Ghana is no exception as a number of Ghanaians are signing on to different Blockchain platforms”.

She further highlighted the need for higher stakeholder dialogues on Blockchain /Crypto Currencies.

Renowned Computer Scientist and Blockchain Conference Convener, Prof Nii Quaynor, stated that Computer science creations continue to challenge our social and economic norms and we now have a chance to see how computer science can build trust through Blockchain.

He reiterated that mass adoption of Blockchain would influence many aspects of our lives hence it is worth the efforts to find best practices for our community. Prof Quaynor further made it clear that Blockchain is much wider in scope than cryptocurrency and there is the need to openly discuss to find best use cases that make sense in our environment

The Executive Director, of the Ghana Domain Registry, Nana Kofi Asafo Adu also expressed concern about the slow pace of awareness about Blockchain technology and encouraged participants to actively contribute to this new technology, during his address.

Participants at the conference were taken through the topics like Blockchain Technology for Development, Blockchain, Cryptocurrency, Real Estate, Financial Systems, Safety, Education, Policy & Development as well as other lightning presentation to demystify the Blockchain revolution.