The lawmaking body of government have warned the general Ghanaians not to invest in cryptocurrency as its regulation is illegal in the country.

The Members of Parliament have indicated that, people have lost billions of dollars  across the globe after investing their monies into the cryptocurrency transactions.

The Member of Parliament (MP) for Juabeng constituency in the Eastern region Ama Pomaa Boateng while speaking on the floor of the House on Wednesday March 27 stated that the issue of cryptocurrency is a matter rising rapidly in the country and must therefore be given a critical look to protect the Ghanaians from losing their monies.

According to her, about 109,000 Ghanaians have been deceived and robbed of an amount of GHC 135 million in through cryptocurrency syndicate as a result of lack of compliance.

She added that this is so because the users are anonymous and collecting data in the digital users becomes challenging.

She said if Ghana adopts the right framework, the activity will benefit the economy immensely from the digital currency world adding that it has the potential to change the way we bank, make transactions and view money.

“Mr Speaker, in today’s digital economy, there’s an urgent need for members of this House to expand our knowledge and pioneer legislation that recognises the blockchain technology and virtual currencies,” she said.

“The government also has to in the absence of legislation set up a register and possibly an exchange platform for the service providers of cryptocurrency to enable the government to oversee these virtual activities and create a stable regulatory environment where cryptocurrency can thrive,” she added.

Contributing to the statement, Deputy Minority Leader, James Klutse Avedzi said the government must resource the Bank of Ghana to conduct research and training to regulate the transactions.

He said: “This is a very technical and a new platform, a new phenomenon that most people do not know of. In fact, if count the Members of Parliament who know cryptocurrency you can get only a few.”

Chairman of Parliament’s Finance Committee, Dr Mark Assibey Yeboah who described the transaction in the country as illegal urged Ghanaians to stay away from investing in cryptocurrency business since the BoG is currently struggling to regulate such transactions.

He said the key feature of cryptocurrency is that there is no centralised control and that is a great a challenge and that cryptocurrency strikes a lot of fear in people to the extent that some had suggested it “a waiting bubble to bust.”

He said “this bit of lack of central control is what all countries are grappling with. So, if we legislate in Ghana that people can trade crypto, Mr Speaker this is a network of file sharing. Let’s say, Ama transfers money to me then it broadcast in the network which will take some time to filter through then everybody notes that transaction that this transfer has been effected from Ama to myself.

“Mr Speaker, this is not like a cheque that is being cleared by the central bank. So, if you have money it is digital money and people are trading in this, you are building an asset it can crumble one day. So there’s no legislation governing the trading of crypto in Ghana, it is illegal and you can lose your money.”