FINCHCOIN asks BoG to regulate crypto currency market

…as global market capitalization hits US$70bn
Finchcoin has entered the Ghanaian market with the first indigenous crypto currency operations, asking the Central Bank to expedite measures to regulate crypto operations in the country.
The move, the company believes, will allow Ghanaians to integrate into the crypto business, which is gradually becoming a global money phenomenon.

Finchcoin’s Director of Business Development, William Asamoah, told the Goldstreet Business at the launch of the company’s operations in Accra, that, crypto currency is a huge financial platform as it involves money in its purchase.

“The emerging market here rather behooves the Bank of Ghana (BoG) to educate Ghanaians very quickly and consider success stories from other countries. BoG must see how best the country can benefit from the advantages of crypto currency,” he said.

He argued that crypto is rapidly becoming a serious business and the country cannot afford to lag behind in the development.

“Crypto is serious money. At the moment, there are 1,500 crypto currencies globally, with a market capitalization in excess of US$70 billion. If Ghana can find its way into that market, the benefits would be enormous” he explained.

Finchcoin’s MD, Emmanuel Daby, noted that BoG would want to play safe in its bid to regulate the crypto industry, nonetheless, crypto currency has huge potentials.

“When the internet came on board, there were several uncertainties but today, the internet has become an integral part of our society. Crypto may have its risks but the benefits far outweigh the risks,” he said.

The company says its operations are based on a new innovative and classic technology called the block chain, which could be described as a public ledger of all completed transactions available to everyone.

The ultimate vision, it added, is to enable people to adopt the new innovative and classic technology block chain into their day to day activities and transactions to make their economic activities faster, more transparent and secured.

The company in future, will expand its activities to cover the value chain of crypto currencies including a crypto bank, crypto bond, crypto exchange, and crypto mining among others.

By Wisdom Jonny-Nuekpe