Some multinational companies engaged in the services of virtual currencies such as Bitcoin and crypto currencies are predicting that Ghana will be the first country on the continent to accept bitcoin as payment scheme.
This follows the increasing number of Ghanaians that are said to be engaging in virtual currencies despite a warning from the Bank of Ghana, urging the public to stay away from it.
Already, CEO and Founder of Groupe Ndoum, Dr. Papa Kwesi Ndoum has stated that Ghana cannot be left out on the gains in the transactions of virtual currencies.
Speaking to Citi Business News on the issue, the CEO of BitPesa, a virtual currency operator, Elizabeth Rossiello stated that Bitcoin will soon replace the U.S dollar as the main intermediary currency for Africa countries trading abroad.
“I don’t see bitcoin replacing local currencies. I think it helps local currencies. Right now a lot of the local currencies in Africa are dollarized, meaning if you have a shortage of dollars you are stuck. You can’t make a payment. So bitcoin is great replacement for the U.S dollar as a middle currency. It is not a replacement for the Ghanaian cedi. It helps you trade with other currencies. I think it will be a replacement for the dollar,” she argued.
Stressing on the need for African countries to accept and legalize bitcoin, Rossiello maintained that African countries will be the best to gain from bitcoin transactions.
She observed that the currency can help reduce exchange rate volatilities in African countries by making local currencies stable.
Touching on the dangers involved with some bitcoin transactions, she pointed out that it is good the Bank of Ghana and other central banks across the continent have cautioned their citizens to be careful.
“I think what the Bank of Ghana has done is good by cautioning people to be careful because there are no rules on it yet in Ghana. I think with time the Bank of Ghana will assess it and come out with proper regulations,” she said.
Rossiello explained that her company does not give investment advice on bitcoin but only sells it for its customers.