Ghana has legalize the use of Bitcoin and crypto

[Hypnotizer]

....

The target has always been through exchanges, Not everyone understands the idea of self custody and most likely many out of excitement and legalization might not bother doing further research on how to be their own bank. It's worth celebrating I won't dispute that just like my own country we haven't made any official statement about Bitcoin being legalized but majority of bitcoin holders here use CEX and it's calls for serious concern.

For sure..with legalization like this there must surely be regulations about compliance with AML and KYC requirements for centralized exchange but this wouldn’t kill the idea of bitcoin being decentralized because there will be a party that will still hold their coin without involving centralized exchanges. Well actually you can’t tell someone not to use CEX..they’ll use what they find “easy” to understand..you know most people have that mentality of trusting someone with their finances  and they aren’t really wanting to break from that system.

With more Legalization comes more regulation, so this best thing to do is use your coins whatever way you think is best, you’re free.

[Uhwuchukwu53]

Will i conclude that Ghana government performance is far ahead of most African countries, that is what good leadership entails saying things to be futuristic and acting speedily. I see as best news as it will be a motivation for individual venturing into Bitcoin to be assured that more safety is involved because anything back by government citizens are always confidence and comfortable with it especially when it's coming from government with good policy where the citizens has already built trust upon.

[AbuBhakar]

For sure..with legalization like this there must surely be regulations about compliance with AML and KYC requirements for centralized exchange but this wouldn’t kill the idea of bitcoin being decentralized because there will be a party that will still hold their coin without involving centralized exchanges. Well actually you can’t tell someone not to use CEX..they’ll use what they find “easy” to understand..you know most people have that mentality of trusting someone with their finances  and they aren’t really wanting to break from that system.

With more Legalization comes more regulation, so this best thing to do is use your coins whatever way you think is best, you’re free.

You're right, it's really up to the person whether they use centralized or decentralized. Adoption will only be better in this country, where it's legal, because more people will be able to buy it, and how they store it is up to them. The important thing is that more people will be able to use it in their country, more people will use or buy it, more people will also have it, and that's where the price will increase even more.

Will i conclude that Ghana government performance is far ahead of most African countries, that is what good leadership entails saying things to be futuristic and acting speedily. I see as best news as it will be a motivation for individual venturing into Bitcoin to be assured that more safety is involved because anything back by government citizens are always confidence and comfortable with it especially when it's coming from government with good policy where the citizens has already built trust upon.

You are lucky because your country is peaceful and they trust the government. But not all countries are like that. Some prefer to steal rather than provide services and make laws that would help the people. So once it is approved by them, they will find a loophole in how they will make money.

[Mame89]

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

Although Ghana hasn't legalized Bitcoin as a legal means of transaction the current law legalizing Bitcoin and crypto as community assets is a significant step forward. Ghana's legalization of Bitcoin and crypto trading is a major victory for crypto and the African continent.

So, I want to extend my heartfelt congratulations to Ghana. This is an opportunity for future generations in Ghana to compete globally in a generation full of learning and development. Bitcoin was created for countries repairing their broken financial systems and Bitcoin is one way to achieve financial freedom.

[john_egbert]

does anyone actually think ghana legalizing it will lead to more adoption or is it just a way for the government to start collecting taxes?

It is logical to assume that making something legal will increase adoption, but rest assured, governments will want their piece of cake.

As it always was

But it's still better than seeing them trying to ban crypto or BTC..

[Doll2233]

Better late than never. That's a fitting statement for the Ghanaian government, as they previously lacked regulations governing Bitcoin and cryptocurrency transactions and trading in their country. Now, they have clear regulations in place, meaning that all activities related to Bitcoin and cryptocurrency are no longer illegal, and millions of users no longer need to worry about getting into trouble when dealing with crypto.

Well, it's a good news and such a news is always going to be helpful for Bitcoin and for the whole crypto community. In near future we might see many countries legalizing Bitcoin and crypto currencies, and that will make most countries go from cash economy to cashless economy. The time isn't far when we might see many countries making their own CBDC's as those are going created my most countries in future. I'm happy that people of Ghana can now legally use Bitcoin and trade it without any worries.

Ghana is not only country which want to legalize the cryptocurrency, many other countries are trying to legalize that because that will be best step for their country to go ahead. Some economically stable countries are exploring or allowing use of btc but their stability comes from strong institutions, industries and economic policies not from bitcoin alone and usa is dominant global power due to its strong economy, military strength and global influence not because of btc or crypto. Countries gain resource through trading, tax and economic activity. Cryptocurrency does not directly give any country military or geopolitical power although some government are exploring digital asset cautiously. People are earning good with cryptocurrency in many countries in which it is illegal and they do not want to lose their skill and they are doing their investment and earning good by that platform.

[Johnlomape]

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

There are so many African countries that allow their citizens to use Bitcoin but it might not be an official use since they may have not put a ban on it. We are getting close to the revolutionary season when the government will be tired to print money again and people will be forced to use digital currency like Bitcoin for all their trades.

If a country like Ghana can officially admit that they are now allowing their citizens to trade Bitcoin without any government restrictions, by the forces, that will be good for everyone their that are trying to learn about cryptocurrency and start using Bitcoin for their businesses.

[_BlackStar]

-snip-

If a country like Ghana can officially admit that they are now allowing their citizens to trade Bitcoin without any government restrictions, by the forces, that will be good for everyone their that are trying to learn about cryptocurrency and start using Bitcoin for their businesses.

The clarification of the legality of using Bitcoin in Ghana is certainly good news for the Bitcoin community - but I'm not entirely sure what exactly they have legalized. If its legal status is still limited to being merely an asset that can be invested in and traded – then its practical use cases remain prohibited, so bitcoin cannot be used as a legitimate means of payment. But if Ghana were to legalize bitcoin without restrictions on its use cases, then that would be truly welcome.

In many countries, Bitcoin is not prohibited from being traded or invested in, but many countries still do not legalize its actual use as a currency. What can be expected is the legalization of bitcoin as a means of payment – ​​if that happens, then many businesses will gradually adopt it as a payment method.

[Shineup]

This is a good news, but it is worth knowing that crypto was not illegalized in Ghana before, people (individuals) and private institutions were allowed to trade bitcoin and other cryptocurrencies in Ghana before but there is no regulation for it as it will be this time around that it has been made legal.

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.

If the tax can be considerate then it is a good news to see that the government has officially legalized the use of bitcoin and crypto amd that will increase adoption rate and people will make use of crypto currency without any form of or feeling of insecurity, for crypto lovers it is a good to see their government is openly crypto friendly, there is a major difference between when a country is crypto friendly and when they are not, if a country can set regulatory rules and of course tax that are considerate without overly invading that financial self custody which crypto stands for them is ok.

[shinratensei_]

does anyone actually think ghana legalizing it will lead to more adoption or is it just a way for the government to start collecting taxes?

It is logical to assume that making something legal will increase adoption, but rest assured, governments will want their piece of cake.

As it always was

But it's still better than seeing them trying to ban crypto or BTC..

Will be far more problematic if they just decided to impose a huge tax just because they legalized, from no capital gain to huge taxes would be ridiculous and the reality is, such thing could happen.
At that point, they better off not legalizing at all. I have a high hope for Ghana to let people adopt bitcoin, possibly making it the currency of the continent.

[goldkingcoiner]

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

Well it has not been made into legal tender but I suppose it is a big step towards that goal. I doubt we will see any spike in prices as Ghana or it's people are not that wealthy   to buy large amounts anyway.

Little steps are important. The future will show this was the right thing to do.

Why did Ghana decide to make it illegal in the first place? What was their argument for that?

[Catenaccio]

Well it has not been made into legal tender but I suppose it is a big step towards that goal. I doubt we will see any spike in prices as Ghana or it's people are not that wealthy   to buy large amounts anyway.

Little steps are important. The future will show this was the right thing to do.

Why did Ghana decide to make it illegal in the first place? What was their argument for that?

They're like many other nations with massive problems in politics, economics and societies so that they don't want to give their people something that can be used as alternatives to their fiat currencies. It possibly has consequences like causing considerable people in the nation leaving the bank system to Bitcoin and cryptocurrency, that will make their national governmental works on financial and tax having more troubles and barriers.

Ghana changed but it's like a global trend that has more nations accept Bitcoin and cryptocurrencies legally while legal tender is still a future story.
Some world maps for Bitcoiners with some websites and their Bitcoin/ cryptocurrency legality maps.

[Dunamisx]

I've been anticipating to eat that Ghana has invested for a particular rate into bitcoin and are willing to make a friendly regulation is that will aid the smooth running and use of bitcoin for the people, it's not also bad if they are going to make bitcoin a legal tender, coming after the Central African Republic and El-Salvador.

[Bigjoe33]

If the tax can be considerate then it is a good news to see that the government has officially legalized the use of bitcoin and crypto amd that will increase adoption rate and people will make use of crypto currency without any form of or feeling of insecurity, for crypto lovers it is a good to see their government is openly crypto friendly, there is a major difference between when a country is crypto friendly and when they are not, if a country can set regulatory rules and of course tax that are considerate without overly invading that financial self custody which crypto stands for them is ok.

For me, there is nothing as important as that positivity from the government of a country, because the legality and backing from the government will make citizens go all out, I mean for interested ones to begin serious investments in bitcoin or crypto currency. Of course, there will be charges by the government, but is they are fair like you mentioned, then it's fair enough.

The major problem here is that some government do not see any need to adopting the use of Bitcoin or crypto for transactions despite the outburst of bitcoin globally and so many countries are giving I'm rapidly. If this is true, then it's an upgrade for Bitcoin enthusiast in Ghana and it's gonna a nice experience and growth in there investment journey

[Agbamoni]

Will i conclude that Ghana government performance is far ahead of most African countries, that is what good leadership entails saying things to be futuristic and acting speedily. I see as best news as it will be a motivation for individual venturing into Bitcoin to be assured that more safety is involved because anything back by government citizens are always confidence and comfortable with it especially when it's coming from government with good policy where the citizens has already built trust upon.

The step to legalize bitcoin dont make the governments better. Aside from bitcoin, they have many decisions to make, many things to do in the country that will be for the betterment of everyone. Sometimes, the reason why governments are making good decisions in bitcoin and crypto is that they have something to gain from it. Perhaps they have seen the amount of revenue generated from bitcoin by the few African countries that have agreed to legalize bitcoin. The question now is, what comes next after the legal privilege on bitcoin and crypto? Will the government start to impose tax on every crypto exchange?

[fikrett]

Will be far more problematic if they just decided to impose a huge tax just because they legalized, from no capital gain to huge taxes would be ridiculous and the reality is, such thing could happen.
At that point, they better off not legalizing at all. I have a high hope for Ghana to let people adopt bitcoin, possibly making it the currency of the continent.

We are not in command either way, so keeping our BTC from their hands and eyes are at most priority whatever they will do.

[Alonso_]

When I see news that some country has legalized cryptocurrency, to me it simply means that the authorities have decided to reach deeper into their citizens’ pockets and collect more money by inventing a new tax on something that’s convenient to tax. And it’s presented as a great achievement for the country’s economy, while in reality it’s just ordinary money-grabbing.

I wouldn’t completely see it that way, because there are so many individuals who have always wanted to see Bitcoin and cryptocurrencies being legalized in the Country and it’s a nice and good development, but I think if the Government want to reach out to the Citizens pockets it wouldn’t have to be legalizing Cryptocurrency they will have to do it by making the citizens pay task, And we all know that Cryptocurrency and Bitcoin isn’t regulated by anyone or individual or Country, it’s either you do you online access with Bitcoin or there is no other ways to go about it, Crypto and Bitcoin isn’t regulated online, you control your Cryptocurrency yourself and no body have your access key to have access to your Bitcoin or other cryptocurrencies.

[fikrett]

When I see news that some country has legalized cryptocurrency, to me it simply means that the authorities have decided to reach deeper into their citizens’ pockets and collect more money by inventing a new tax on something that’s convenient to tax. And it’s presented as a great achievement for the country’s economy, while in reality it’s just ordinary money-grabbing.

I wouldn’t completely see it that way, because there are so many individuals who have always wanted to see Bitcoin and cryptocurrencies being legalized in the Country and it’s a nice and good development, but I think if the Government want to reach out to the Citizens pockets it wouldn’t have to be legalizing Cryptocurrency they will have to do it by making the citizens pay task, And we all know that Cryptocurrency and Bitcoin isn’t regulated by anyone or individual or Country, it’s either you do you online access with Bitcoin or there is no other ways to go about it, Crypto and Bitcoin isn’t regulated online, you control your Cryptocurrency yourself and no body have your access key to have access to your Bitcoin or other cryptocurrencies.

..Or you are exposed to BTC through the centralized services, in which case, you fall to the govs hands anyway.

And if you don't dig deep enough, you won't even know it as a regular user.

[SeriouslyGiveaway]

I wouldn’t completely see it that way, because there are so many individuals who have always wanted to see Bitcoin and cryptocurrencies being legalized in the Country and it’s a nice and good development, but I think if the Government want to reach out to the Citizens pockets it wouldn’t have to be legalizing Cryptocurrency they will have to do it by making the citizens pay task

Governments tried to illegalize Bitcoin and cryptocurrencies but they had to change their policies after failing with illegalizing attempts. Then they make Bitcoin and cryptocurrencies legally in their nations but they enforce more laws and taxation on Bitcoin and cryptocurrency users. They open some gates for citizens but they know that doing this will also open more opportunities for governments to get more money from citizen tax in many tax types, not only capital gain tax.

As citizens and Bitcoin or cryptocurrency users, we would feel more happy when Bitcoin and cryptocurrency are no longer in grey space but already become legal in our nations. However we must know that there are more new regulations to come and will be enforced more strictly in the future.