Ghana has legalize the use of Bitcoin and crypto

[nemesis_incarnate]

They understood they may be too late to be in the game.

What I see is different, it is possible they want ways to tax cryptocurrencies effectively.

That is the Ghanaian government's objective. Following the passage of the Virtual Assets Service Providers (VASP) bill into law, both local and global exchanges will be required to pay huge amounts in license fees for operation, and the citizens will also be taxed for trading on these exchanges. It's another way for the government to generate money for the economy.

DEXes will fill up the gaps for the people that do know about them, hopefully.

[Marykeller]

African is coming

Certainly, other African countries will likely join in legalizing Bitcoin. It's just a matter of time, we will get to see that coming to reality. We will then congratulate the African country, just as we did with Ghana today, for thinking it wise to legalize Bitcoin, which I feel is a step toward financial freedom for the people of Ghana

[henry_of_skalitz]

African is coming

Certainly, other African countries will likely join in legalizing Bitcoin. It's just a matter of time, we will get to see that coming to reality. We will then congratulate the African country, just as we did with Ghana today, for thinking it wise to legalize Bitcoin, which I feel is a step toward financial freedom for the people of Ghana

Or rather pocketing more control and funds to themselves by looking more closely for crypto related activity of its citizens, but, alas, adoption is coming either way all around the world.

[mrust_mobile]

They understood they may be too late to be in the game.

Also, everybody wants to regulate the flows of crypto and try to fight fraud in their own abilities.. It's still mostly about the control.

True dat. I don’t think these governments are a friend of crypto. On the contrary, they are legalizing it first so they can decide which usecases are legit and which are not. They can’t punish anybody if there is no law and regulation in place for crypto but if there is one, they can shape it to their likings.

When you think about that 2020 and before was the golden era. Especially 2013-2018 was great because there was no kyc/aml, almost zero regulations… basically nobody cared nothing because most countries didn’t even know what to do about crypto. We cheer for regulations for some reason and those reasons can be good but these regulations don’t come without any side effects.

[icebar]

So yeah, Ghana has just pass a law that legalize the use of Bitcoin and crypto.  Ghana has now joined the league of African countries that have legalized the use of bitcoin and crypto.

The Ghanaian government has passed a law on cryptocurrency which has gained widespread recognition in the crypto world. From now, citizens in Ghana will be able to easily trade and use cryptocurrency. No one will have to fear by the police anymore. And with this law, all people in Ghana will now not only get legality in using crypto but the government will also regulate it under well-organized rules which is definitely a good policy especially in the country so that ordinary users are not cheated. They are not involved in any activities like money laundering. So that they can maintain stability in the country's financial system. The Ghanaian government is very well positioned to go further in the cryptocurrency field. That is why they have already made sure that their citizens are not deterred, and they can quickly improve their finances by adopting crypto.

[hero_the_bossman]

True dat. I don’t think these governments are a friend of crypto. On the contrary, they are legalizing it first so they can decide which usecases are legit and which are not. They can’t punish anybody if there is no law and regulation in place for crypto but if there is one, they can shape it to their likings.

When you think about that 2020 and before was the golden era. Especially 2013-2018 was great because there was no kyc/aml, almost zero regulations… basically nobody cared nothing because most countries didn’t even know what to do about crypto. We cheer for regulations for some reason and those reasons can be good but these regulations don’t come without any side effects.

It was like a Wild West, and it's becoming tamed.. It has both pros and cons, but mostly cons for those that love keeping their custody for themselves.

[Orpichukwu]

They understood they may be too late to be in the game.

Also, everybody wants to regulate the flows of crypto and try to fight fraud in their own abilities.. It's still mostly about the control.

I don't think they are ever late, but what most of these countries are doing now is accepting it since they can actually stop their people from using it. Instead of not making money from those involved in crypto, why not just regulate it and extract revenue from it? This is just what I feel most of these countries are beginning to realise now.

[Donneski]

Source

So yeah, Ghana has just pass a law that legalize the use of Bitcoin and crypto.  Ghana has now joined the league of African countries that have legalized the use of bitcoin and crypto.


African is coming

This is a news that should be exciting to everyone in the crypto space but personally, I'm not too impressed and that because African countries know how adopt first and regulated later so this isn’t surprising. Crypto used to be illegal in Nigeria not until the current administration took over and we were told that it's now legal but it's almost two years yet, no legal framework has been put in place. I hope that'll not be the case with this Ghana news.

 Ghana taking this step would make it more attractive for other African countries to follow. The momentum on the continent is definitely building, I hope it continues to spread across the continent.

[Abu-Naim]

Source

So yeah, Ghana has just pass a law that legalize the use of Bitcoin and crypto.  Ghana has now joined the league of African countries that have legalized the use of bitcoin and crypto.


African is coming

Africa is already there mate, just that some countries didn’t legalize it till today, but in some African countries, almost 50% and above if their youths are into crypto and some of them hold Bitcoin. Take Nigeria for example; many of their youths take cryptocurrencies as their side hustle or their full time job because they know what they are earning from crypto trading and investment.

Nonetheless, congratulations Ghana, the government has done well to legalize Bitcoin and crypto, the youths will now have rest of mind while trading or doing Bitcoin transactions.

[Die_empty]

Africa has a very young population. It is on record that youths are more attracted to crypto assets. With about 3 million Ghanaians, which is about 17% of the adult population, involved in crypto assets, the government will be dumb not to legalise crypto use and also make regulatory laws. If they don't make these laws, the government will lose tax revenue and other revenue from investment. With these new regulatory laws in place, crypto businesses will begin to grow in Ghana, which will create employment and increase government revenue.

[Stepstowealth]

So yeah, Ghana has just pass a law that legalize the use of Bitcoin and crypto.  Ghana has now joined the league of African countries that have legalized the use of bitcoin and crypto.

I checked the charts to see if this news or development is big enough to influence the value of bitcoin today, and it did not seem to do much or have an effect, or did anyone notice something different? Did this news have an positive effect on the market? or is Ghana not big enough?

I think if this news was coming from a bigger country, a country that has a bigger economy, maybe we would have seen some noticeable positive moves?

[Ojima-ojo]

This is a great news indeed and a big congratulations to Ghana, I consider this a big win for bitcoin and the bitcoin community around the world, and the web3 community in Ghana...
As the bible said that there is always joy in heaven when one soul is won into the kingdom, we all in this community should be happy because one country just got won into our bitcoin community and it feels amazing, and I believe that bit by bit, one by one, the whole world will one day say a big "yes" to bitcoin.

Congratulations to Ghana once again.

[Z-tight]

Just like most have said, it is great news. Not that crypto was illegal in Ghana to begin with, but this legalization means it is no longer in a grey area. Though take note that it also comes with regulation, licensing for services and all. Crypto asset providers must also seek approval from the authorities before they can operate. This also means tax comes into play.

I think if this news was coming from a bigger country, a country that has a bigger economy, maybe we would have seen some noticeable positive moves?

True, that is possible. But it is not all about the price right now. We simply have to see what this would mean for adoption and if it does a lot, then it can probably have an effect on the price in the long run.

[Churchillvv]

Ghana is pushing forward to make greater heights, whatever makes its people more comfortable they try to consider it, crypto is already late in Ghana but they have at least push further than most African countries. It’s good to see such development even though it’s no much of a significance in the world of crypto but its adoption is gradually spreading and that is a special impact its making in the world.

[bitbollo]

Meanwhile in some countries there is the perfect opposite reaction, well done Ghana!
I am curious to see if this could bring new investors in the country...or if this can help to provide basic education on the argument this is a really great success.
I believe that a central governement once starts to adopt and promote (even indirectly) the use and advantages of bitcoin and blockchain, well this is an impressive result.

[Judith87403]

For Africa's digital future, this signal is positive. Innovation is a result of legal clarity, attract investment, and secures daily users from uncertainty. When it is well implemented, it can boost growth of Fintech, cross border payments, and inclusion financially. The real test can be regulation, education, and infrastructure. African isn't only coming, but it is taking a proper position to compete.

[serjent05]

Congratulations to the crypto user citizen of Ghana.  You can now legally transact with Bitcoin and other cryptocurrency.  I can see more Africans engaging in cryptocurrency market in the next days.  I do not know if this news is enough to give Bitcoin bulls a second wind to uptrend the Bitcoin market and record a new ATH.

It is always a refresher to see news like this, and now thatthe  Bitcoin market is moving sideways, any push or news that can hype the market can help this sideway to transition to uptrend, and I hope to see that one more time before the Bitcoin market completely transitions to a bear market

[Mahiyammahi]

Glad to see more Bitcoin adoption is coming . Rn even if there's lawsuit for bitcoin not acceptable, ai belive still those country people are using bitcoin . So it's basically unwritten passed law. When government enter this section more peole gets influenced to invest on Bitcoin. I hope our country will legalize the bitcoin adoption soon. Teaneager are the power of country , to them Bitcoin is freedom.

I belive only for bitcoin and elon support trump got elected by getting teanagers vote. So Bitcoin is rge power right now.

[CryptSafe]

Great news, and congratulations to the community in Ghana! I wonder if there are any locals from Ghana here as well. This is another step forward, one step at a time, for countries that are moving toward Bitcoin adoption. Who knows, maybe more African nations will be next, or perhaps another country from the Americas. The EU, however, seems less likely at the moment to fully legalize Bitcoin or crypto due to existing EU policies.

This is really great news to hear. Gradually, the adoption wave is moving in Africa, and very soon, the African nations will be bitcoin and crypto-friendly. I believe we have Ghanains here who are members of this platform, but they seem not to have a local board here, which makes them not visible, as I encounter some on the African Sports thread on the gambling board, where they interact with other African nationals. Maybe Theymos could look into considering giving them their own local board here.

[Smartvirus]

This is a first bold step for Ghana as an African nation. Not like they never had cryptocurrency transactions actively going on in Ghana but, it was one filled with uncertainties as investors tend to question government stands on the matter.

Going ahead to remove this lid and legalize despite proper regulations yet to be put in place shows how Ghana intends to double down on progress within the cryptocurrency field and how they could use this to promote legitimate and attract well meaning cryptocurrency investors.