Fear of the unknown preventing Ghana from adopting Bitcoin

The Principal consultant of the cybersecurity firm, E-Crime Bureau, Albert Antwi Boasiako, has suggested that the ‘fear of the unknown’ is the reason why Ghana is hesitant to adopt cryptocurrency.

The issue of the adoption of cryptocurrencies in Ghana has been up for some time, with many calling on the state to find a way to get it to be regarded as a legal tender.

Speaking at the Ghana Blockchain Conference, Mr Antwi Boasiako, said, “We have our fears about cryptocurrency but discussions are still going on. Our country is still hesitant to adopt Bitcoin as a legal tender is the fear of the unknown.”

Albert Antwi Boasiako

He, however, called on the tech community, which is already involved in cryptocurrency transaction, clear the mysteries that surround it.

“We are battling fear, the state doesn’t want to move forward because it doesn’t know what’s there. To demystify cryptocurrency, we need a community-driven agenda. We need to strategically demystify the misconceptions around cryptocurrency and get it integrated into the government digitization agenda,” he said

“We need a working group on cryptocurrency that has members from stakeholders like the Bank of Ghana that will set certain targets and study from what is happening in other jurisdictions.”

Cryptocurrency is a digital or virtual currency that uses cryptography for security. It is organic and is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.

 

Credit: Citi FM