Ghana Parliament Warns New Users About 110,000 Investors Who Lost $25.7 Million in Crypto Scams

Crypto-hacks and scams are notorious all over the world, and Ghana is one of the victim countries to experience this. According to a report in 2018 by the Members of Parliament, about 110,000 investors in Ghana lost $25.7 Million in cryptocurrency hacks and scams.

Subsequently, Members of Parliament advised the public on investing in cryptocurrency which is gaining popularity among Ghanaians today.

Ama Pomaa Boateng, a member of parliament for Ghana’s Juaben town, introduced a stern dialogue against crypto-hacks and scams which ravaged Ghana and its investors. Boateng, while addressing the parliament emphasized on the need to enact strong policies on cryptocurrency, thus, further highlighting 2018’s crypto-scam that occurred all over the world including Ghana as a reference point.

The hackers assured the victims in Ghana a yearly profit of about 27%, but they later swindled them off their crypto-investments.

Concerning this issue, Boateng said:

“There is the issue of lack of compliance due to the nature of cryptocurrency and crypto asset because the users are anonymous and it is extremely difficult to collect data on digital currency users.”

Ghana’s SEC Wants to Introduce Crypto Law

At the moment, the trading of cryptocurrencies is officially banned in the country. The chairman of the Finance committee Dr. Mark Assibey Yeboah stated that the Security Exchange Commission in Ghana aims to introduce a crypto law very soon.

Ghana’s Parliament now considers the decentralized nature of digital assets as an emerging threat to the financial sector. Dr. Yeboah further added that regulators will find a hold on the cryptocurrencies in the country very soon.

“This is a digital platform where money is transferred amongst the peers. It is not the cheque system where a central bank clears it,” Dr. Yeboah stated firmly.

Ghana’s Members of Parliament have firmly warned all investors in Ghana not to invest in cryptocurrency and also stated that investors are at their own risk if they go ahead without heeding to the warnings. Dr. Yeboah added,

“When you choose to go there, you are on your own. We are still doing research and gathering information on the matter.”

Before now, two suspected scammers were arrested by the Economic and Organized Crime Office (EOCO) but were later freed through bail.

Informing Crypto-enthusiasts About Cryptocurrency

It is vital to know that the need to learn more on the risks involved in cryptocurrency is essential and the Ghanaian government is working towards that.

However, the Deputy Minority Leader and chairman of the public accounts committee, James Klutse Avedzi, stated that the Government should make use of the Bank of Ghana to conduct thorough research on cryptocurrency. He also added that the government should learn more about how crypto works and how to deal with it.

The scam that ravaged Ghana succeeded because the country had no regulations on cryptocurrencies, Avedzi strongly emphasized. He also added that if the government collaborates with the Bank of Ghana to conduct research on cryptos that will help to draft new regulations in the crypto market.

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