Del Titus Banwuah, Vice President of the Chamber of Digital Assets and Innovation, has advised anyone interested in cryptocurrency trading to first educate themselves before venturing into the market.
Speaking on Breakfast Daily on Channel One TV on Thursday, November 6, Mr. Banwuah noted that cryptocurrency has developed a negative reputation because many investors fail to read what he describes as the "crypto bible" before investing.
"The first thing you need to do is you need to read the white paper. Bitcoin has a white paper, and that is kind of the crypto bible. I will advise people to study. It is important because that is the underlying thing that most people forget to read, and you need to understand how the blockchain works.
"I wouldn't advise anyone to get into trading immediately because most people who get into it don't know what they are doing and have lost a lot of money. That is what is giving the industry a bad reputation," he said.
Mr. Banwuah explained that a lack of understanding of cryptocurrency and blockchain technology is often what leads traders to incur financial losses.
Meanwhile, the Bank of Ghana (BoG) has announced the registration of more than 100 Virtual Asset Service Providers (VASPs) under a new policy to regulate the country's rapidly growing cryptocurrency sector.
The move represents a major policy shift for the Bank, which had previously taken a cautionary stance. In 2018 and 2022, BoG warned that cryptocurrencies were not legal tender and instructed financial institutions to avoid processing crypto-related transactions. The 2025 policy signifies a transition from warning to active regulation.