A new report has predicted an increase in the volume of cryptocurrency traded in Ghana.
The report, published by ‘Scoopearth’ said that already, “more people are using it as a way to store and transfer value.”
“Ghana has all the potential to become the next big player in the cryptocurrency space. With a population that is already well-versed in digital payments and a government that is supportive of new technologies. Ghana is well-positioned to lead the way in crypto adoption.”
This acceptance by residents, the report said, is further evident in the proposed creation of a Central Bank Digital Currency (CBDC) by the Central Bank of Ghana.
“This move signals a genuine commitment to becoming a leader in the global digital economy. There are several other reasons why Ghana is well-positioned to become a major player in the cryptocurrency space. The country has a large and growing population of young people who are comfortable with using new technologies.”
The report which cited a report by Paxful said that the over 400 percent increase recorded in the volume of cryptocurrency trading in the country in 2021 depicts the support attributed by the government to Blockchain Technology.
“The government has even created a task force to explore how these technologies can be used to improve the country’s economy.” the government added.
“Ghana is set to become the next leader in the cryptocurrency space. with a new regulatory framework set to be put in place that will encourage innovation and growth in the sector. The Ghanaian government has been working on the framework for some time now. And it is expected to be finalized and announced in the coming weeks. It is hoped that this will provide a boost to the country’s economy and help to create jobs and attract investment.”