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Members of Parliament have emphasized the need for legislation to regulate the emergence of Cryptocurrency markets such as Bitcoin in the Ghanaian economy.

The MPs made the call today in their contribution to a statement made by Hon Ama Pomaa, MP for Juaben on the influence of Cryptocurrency on the Ghanaian economy.

Hon Ama Pomaa noted that though the Cryptocurrency market is fast gaining popularity locally and internationally, the government of Ghana as well as the Bank of Ghana do not back Cryptocurrency in the country.

She explained that Crypto currency comes with many challenges such as difficulty in tracing those engaged in the transaction and lack of Central Bank control.

However, she said Cryptocurrency has the potential to change the way banking is done as well as how people view money.

Contributing to the statement, MP for North Tongu, Samuel Okudzeto Ablakwa said outright ban of Cryptocurrency is not the best hence the need for legislation to regulate the Cryptocurrency market.

Hon Patrick Boamah the MP for Okaikoi Central urged the public to be cautious in order to avoid becoming victims of the Cryptocurrency market.

He also suggested to the Finance Committee of Parliament to initiate a public discussion on Cryptocurrency to ensure understanding by the public on the issue.

Commenting on the statement, the MP for Keta, Hon Richard Quarshigah the need for public education on Cryptocurrency is very necessary to save people especially the youth from being swindled.

The Member of Parliament for New Juaben South, Hon Dr Mark Assibey-Yeboah said Cryptocurrency is illegal in the country and urged the public to exercise caution on it.