Ghana crackdown wipes out savings of $1.6 billion. Who said bitcoin was risky?

August 20, 2019 | Digital Assets

Thousands of savers have been left financially stranded after the government cracked down on fund managers and savings and loan companies

The Ghana crackdown on financial institutions has left thousands of people without access to their money. According to estimates, hapless investors might have lost as much as $1.6 billion in the government’s high-handed ‘clean-up.’

Ghana crackdown hits investor confidence

With over 70,000 savers done out of their savings, people want to know whether the regulators did their job to prevent such crises by imposing proper systems and controls.

“The issue Ghana faces is more about having adequate system and controls in place to ensure that there is no room for such things to happen,” pointed out Financial Crime and Governance and Regulatory Expert, Kwadwo Kusi-Frimpong.

The bigger issue is the loss in investor confidence, perhaps permanently.

Trust cryptos, not banks and governments

Decentralized digital assets such as cryptocurrencies are free from the control and monetary ineptitude of authorities such as central banks.

The Ghana crisis is proof that fiat currencies and their monetary masters have created an illusion of safety. It only bolsters the case for the adoption of a globally viable cryptocurrency such as bitcoin.

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