Despite the Bank of Ghana's (BoG) cautious approach to digital assets, a Ghanaian pastor has urged his audience to invest in Dogecoin (DOGE). Despite the Bank of Ghana's (BoG) cautious approach to digital assets, a Ghanaian pastor has urged his audience to invest in Dogecoin (DOGE).
Prophet Bernard ElBernard Nelson-Eshun, Lead Pastor of Spiritlife Revival Ministries-The Oracles' Place, counseled believers to purchase Dogecoin for at least $200 and keep onto it for the following four years during a service on November 1, 2024. Nelson-Eshun informed his congregation, "If you're interested in cryptocurrency, there is a coin called Dogecoin." "Search for that coin now. He described this as a chance for long-term profit, saying, "At the very least, purchase $200 worth of Dogecoin and hold onto it for just four years."
Due to market fervor after the recent US election, Dogecoin has gained popularity in recent days. Beginning as a meme, the cryptocurrency increased by about 20% to $0.247, the highest level since November 2021. In contrast, Bitcoin momentarily came close to breaking prior milestones and reaching a new all-time high of $79,993.
Although Dogecoin has received support from Prophet Nelson-Eshun, Ghanaian authorities have adopted a cautious stance on cryptocurrency. Financial institutions are reminded that cryptocurrency trading is still prohibited until a regulatory framework is put in place by the Ministry of Finance, which has reaffirmed its ban on using cryptocurrencies for financial transactions.
The Finance Ministry's Minister of State, Dr. Mohammed Amin Adam, recently emphasized in Parliament that while Ghana is still open to investigating blockchain technology, it is also wary of the dangers associated with unregulated digital currencies.
We are now working on creating thorough standards, but the government is still open to investigating related technologies, including blockchain and distributed innovations, within a regulated framework," Dr. Amin Adam said.
We reiterate our mandate as communicated through multiple notices, including the one issued on March 9, 2022, until such a framework is developed. All organizations licensed by the Bank of Ghana are expressly forbidden by this instruction from enabling cryptocurrency transactions via their platforms or agent locations.
Stronger internal controls, anti-money laundering (AML) compliance, and registration requirements are all part of these proposed regulations for virtual asset service providers (VASPs). It is anticipated that the draft rules will establish the foundation for both economic stability and consumer safety in Ghana's changing digital asset environment.
As part of Ghana's drive for innovation in digital banking, the central bank originally announced plans to create a digital currency, the eCedi, in 2021. These plans align with the central bank's proposed laws.
Authorities advise investors to be mindful of the risks associated with cryptocurrencies, warning that they are extremely volatile and subject to abrupt price swings.
