Cryptocurrency has become the toast of many Africans as a means of wealth creation. Spiritual leaders in the continent are not only throwing their weights behind the digital currencies, they are also urging their congregation to make a significant investment in them.
Despite the cautionary guidance and stance taken by regulators like the Bank of England (BoG) on cryptocurrency, crypto has not lost its appeal to men on the altar.
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In Ghana, a preacher has advised congregants and members of the public to invest in cryptocurrency, specifically citing Dogecoin (DOGE) as a viable option.
Speaking at a service held on November 1, Lead Pastor of Spirit Life Revival Ministries, Prophet Bernard ElBernard Nelson-Eshun, admonished congregants to invest a minimum of $200 in Dogecoin and hold the investment for at least four years.
“If you’re a crypto fan, there is a coin called Dogecoin, …… Go and look for that coin. At least buy $200 worth of Dogecoin and leave it for just four years,” the clergyman said during a church service in Ghana. He described this as a strategy for long-term profit.
Dogecoin, on its part, has performed excellently on the trading market, recording a 20 percent increase, which pushed its value to $0.247— the highest level since November 2021.
Bitcoin, on the other hand, briefly approached a new all-time high of $79,993, surpassing previous records.
The market has associated the high performance of the digital currencies to the Donald Trump’s victory at the U.S. presidential polls last week.
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Regulatory concerns over crypto
Ghana’s financial regulators and government maintain that cryptocurrencies are not legal tender for any financial transaction in the country.
The Ministry of Finance in Ghana reminded financial institutions that crypto trading remains off-limits until a proper regulatory framework is established.
“Until such a framework is established, we reiterate our directive as conveyed through various notices, including the one issued on March 9, 2022. This directive explicitly prohibits all institutions licensed by the Bank of Ghana from facilitating cryptocurrency transactions through their platforms or agent outlets,” stated Dr Amin Adam, Minister of State at the Finance Ministry.
Ghana has joined a growing list of African countries that have imposed outright ban on cryptocurrency. Some of the countries are Tunisia, Algeria, Lesotho, Morocco, Tanzania, Republic of Congo and Algeria.