Last week, Yellow Card hosted the #fintech community for a series of impactful programs, including a #thoughtleadership engagement session on #stablecoins. The discussions delved into the real-world applications of stablecoins, particularly in the context of cross-border transactions in Africa.
These dialogues highlighted the practical use cases of stablecoins in facilitating seamless, efficient, and cost-effective financial flows across borders.
In addition to these discussions, we introduced the formation of the Blockchain and Digital Assets Advocacy Group. The purpose of this Group is crucial to the development of the digital assets industry in Ghana.
𝐖𝐡𝐲 𝐓𝐡𝐢𝐬 𝐀𝐝𝐯𝐨𝐜𝐚𝐜𝐲 𝐆𝐫𝐨𝐮𝐩 𝐌𝐚𝐭𝐭𝐞𝐫𝐬
Currently, as an industry, we have not dedicated sufficient efforts to advancing legislation and regulation for digital assets in Ghana. This remains the case despite the Bank of Ghana issuing the Digital Assets Guidelines in 2024. Recognizing the need for immediate action, we have partnered with key industry associations, including the Ghana Fintech and Payments Association, the Blockchain Builders Association Ghana, amongst others to establish this Advocacy Group. The Group is tasked with addressing these critical priorities:
1. 𝗘𝗻𝗴𝗮𝗴𝗶𝗻𝗴 𝗣𝗼𝗹𝗶𝗰𝘆𝗺𝗮𝗸𝗲𝗿𝘀 𝗮𝗻𝗱 𝗥𝗲𝗴𝘂𝗹𝗮𝘁𝗼𝗿𝘀: collaborate with the government, financial regulators, and policymakers to develop clear, comprehensive, and innovation-friendly cryptocurrency and blockchain regulations. Advocate for the creation of a government-led Taskforce to spearhead regulatory efforts.
2. 𝗥𝗶𝗴𝗼𝗿𝗼𝘂𝘀 𝗣𝘂𝗯𝗹𝗶𝗰 𝗘𝗱𝘂𝗰𝗮𝘁𝗶𝗼𝗻 𝗖𝗮𝗺𝗽𝗮𝗶𝗴𝗻𝘀: launch targeted initiatives to educate the public about the benefits, risks, and practical applications of cryptocurrencies and blockchain technology.
𝐄𝐱𝐩𝐞𝐜𝐭𝐞𝐝 𝐎𝐮𝐭𝐜𝐨𝐦𝐞𝐬?
The Blockchain and Digital Assets Advocacy Group aims to achieve the following outcomes:
1. 𝘍𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯 𝘰𝘧 𝘢 𝘎𝘰𝘷𝘦𝘳𝘯𝘮𝘦𝘯𝘵 𝘛𝘢𝘴𝘬𝘧𝘰𝘳𝘤𝘦: establish a dedicated government-led taskforce to oversee the development of crypto and blockchain policies.
2. 𝘙𝘦𝘨𝘶𝘭𝘢𝘵𝘰𝘳𝘺 𝘍𝘳𝘢𝘮𝘦𝘸𝘰𝘳𝘬 𝘋𝘦𝘷𝘦𝘭𝘰𝘱𝘮𝘦𝘯𝘵: advocate for a regulatory environment that fosters innovation while ensuring robust consumer protection.
3. 𝘌𝘯𝘩𝘢𝘯𝘤𝘦𝘥 𝘊𝘰𝘭𝘭𝘢𝘣𝘰𝘳𝘢𝘵𝘪𝘰𝘯: strengthen partnerships and dialogue among industry players, regulators, and policymakers.
4. 𝘐𝘯𝘤𝘳𝘦𝘢𝘴𝘦𝘥 𝘗𝘶𝘣𝘭𝘪𝘤 𝘛𝘳𝘶𝘴𝘵: Improve public understanding and confidence in cryptocurrencies and blockchain technology through education and transparency.
This initiative marks a pivotal moment for the digital assets ecosystem in Ghana. By prioritizing regulation, innovation, and collaboration, we aim to position Ghana as a leader in Africa’s blockchain and digital asset economy. As published here by Business & Financial Times: https://lnkd.in/eqmNW3ag
