Groupe Nduom will be venturing into crypto currency transactions soon – CEO

The Chief Executive Officer of Groupe Nduom, Papa Kwesi Nduom has indicated that the company may soon venture into crypto currency transactions.

The announcement follows an earlier demand from Deputy Vice president of Groupe Nduom, Papa-Wassa Chiefy Nduom urging the Bank of Ghana(BoG) to diversify its investment by investing one percent of Ghana’s reserve in bit coin transactions.

The BoG has since warned the public to desist from transacting and engaging in crypto currency.

But speaking via video conference, during the initial public offer of DigiCut Production and Advertising, Dr. Nduom stated that the company is working cautiously to start transactions in crypto currency.

“We at Groupe Nduom are working also to make sure that with due diligence, I want to stress the point, that with due diligence we are going to make sure that the crypto currency revolution that is going on doesn’t pass us by,” he said.

He disclosed that the company is carefully monitoring the crypto currency market to take the best decisions.

He pointed out there is the need to critically examine it if it has some positive attributes that can be used to enhance financial gains and create wealth for Ghanaians.

“We are doing whatever it is that we need to do to make sure that if there is something good there, we grab our share of it and make Ghana become a place that this product flourishes for the benefit of Ghanaians,” he stressed.

BoG warns public over digital currencies

The BoG cautioned the public against transacting business with digital currencies such as Bitcoin, in Ghana.

According to the Central Bank, it has not licensed the activities in digital currency under the Payments System Act 2003.

“The Bank of Ghana wishes to notify the general public that these activities in digital currency are currently not licensed under the Payments System Act 2003 (Act 662),” a statement on the development said.

It further indicated that, the central bank is deepening its laws on electronic and financial transactions in line with international standards and the evolving electronic payments landscape.

“The Bank of Ghana is currently investing a lot of resources to further enhance the payments and settlements system, including digital forms of money and also to introduce cyber security guidelines to safeguard electronic and online financial transactions.”

 

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