Banks resist cryptocurrency use in Ghana

Some banks have expressed strong resistance to the adoption of cryptocurrency in Ghana describing it as grounds of breeding money laundering and other financial crimes.

The banks have also cited the absence of a law as basis for their posture.

There have been calls on the central bank to allow the use of cryptocurrencies due to the uptake in the currency, globally.

The CEO of Groupe Nduom, Dr. Papa Kwesi Nduom has disclosed of plans to venture into cryptocurrency transaction.

But the Executive Director of Retail Banking for West Africa at Standard Chartered Bank, Henry Baye tells Citi Business News they will not hook unto the adoption in the absence of any accommodating law.

“But for us as a bank, we are keenly aware of the risks that today, cryptocurrency poses in the space of money laundering, terrorist financing, in the space of human trafficking and many other crimes that are related to moving money around,” he explained.

Mr. Baye added the decision is also expected to protect consumers who risk to suffer greatly if their deposits are not duly protected.

“… At this point in time, it is not regulated and for that reason, we are not going to play in anything that is not regulated. I think at this point in time that is clearly our position because we would want to protect the consumer, and our world from money laundering and terrorist financing and not until there is any law, we will just not play.”

Henry Baye was speaking at the Bank’s Breakfast meeting with stakeholders in the digital financial ecosystem on Friday, March 16, 2018.

This also formed part of the visit of the Global Head of Digital Retail Banking at Standard Chartered, Aalishaan Zaidi to Ghana.

Source: citibusiness