- The cedi's depreciation occurred more than a year after being named the best-performing currency.
- The warning comes after the Russian central bank proposed a prohibition on most crypto operations in January.
Ghana rule violators may face prosecution
The Ghanaian central bank has warned the populace that accepting or transferring money in foreign currency for products and services without its explicit consent remains illegal. According to the bank, organizations should avoid "operating in foreign exchange transactions without a permit provided by the Bank of Ghana," according to the bank.
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The Bank of Ghana (BOG) stated that people who break the rules face substantial fines. Those who break the rules face "a jail sentence of not more than eighteen (18) months or both" if they don't follow the rules.
The native currency, the cedi, is the only recognized money in Ghana, as per the BOG. The central bank also stated that it would go after firms that disobey the law and that all violators would be penalized according to the constitution.
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However, the BOG stated in the announcement that any infractions of the Foreign Exchange Act should be reported to the BOG's complaints offices.
The BOG's announcement comes a little over a month after the cedi was dubbed Africa's worst-performing currency after depreciating by 8.86% between January 1 and February 25. The cedi's depreciation occurred more than a year after being named the best-performing currency.
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The Russian Central Bank Releases Cryptocurrency Warnings
The Central Bank of Russia (CBR) has stated in its financial report for 2021 that Russians' rising enthusiasm for crypto, their considerable crypto investments, and the high risks connected with crypto activities pose serious catastrophic dangers. Adding to a vast list of already mentioned disadvantages of virtual currencies such as bitcoin.
The watchdog reiterates previous warnings that virtual currencies threaten cash flow from the established banking system and into the mostly uncontrolled cryptocurrency space. According to the CBR, which RBC Crypto reported, this movement of funds jeopardizes the monetary sustainability of Russian institutions.
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The Bank of Russia is still worried regarding the "well-being of residents," as it sees the crypto market's expansion as becoming a boom, with cryptocurrencies resembling financial pyramids. According to the CBR, participant safety is inadequate, and investments in digital currency can be squandered due to market fluctuation, theft, and cyberattacks.
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The revelation comes after the central bank proposed a prohibition on most crypto operations in January. Other government entities reacted angrily. The CBR proposed laws limiting the use of cryptocurrency in February. It is unlikely to gain traction since a rising number of authorities in Moscow regard crypto assets as a way to get through Western restrictions.
