Introducing GHSC, Ghana’s First Cryptocurrency For the People, By the People.

A team of Ghanaians came together to work on this. We’re calling it Ghana’s first cryptocurrency for the people by the people.

This is in direct response to bad governance and bad laws in Ghana. Poor governance has affected the cedi, prices are higher than ever. Nonetheless, the government still believes it is the right thing to tax the single most important digital advancement our country has seen in the last 10 years. Mobile money charges are a problem for your everyday Ghanaian, taxes will make it worse. It will effectively kill the industry. People will revert to cash and set the whole FinTech space back in Ghana for like 10 years.

But you see we don’t want this to happen. We are citizens and not spectators. We believe that we need to create a much better solution. Hence why we’re introducing GHSC.

Here’s a link to check it out.

We don’t know exactly how this will evolve over time. This is the introduction of what could be or what is possible. We will release a much more detailed “WhitePaper” in a couple of days or weeks. This may not be your average cryptocurrency like Bitcoin or Ethereum. We’re thinking along the lines of making it a stablecoin.

There are two types of stablecoins. We will admit that as we are still in the very early stages of this project we don’t know the exact stablecoin this will evolve to be. After all, it’s all dependent on the people.

You see there are two types of stablecoins.

We have a Fiat Coin and a Flat Coin. The GHSC will be one of them.

A Fiat Coin, as Balaji Srinivasan perfectly puts it is pegged to an external fiat currency like the Ghana Cedi, USD, etc directly or indirectly.

Flat Coins are newer. If fiat itself starts to inflate, it isn’t really “stable”. So a flatcoin optimizes instead for price flatness vs an on-chain basket of goods.

The main advantage of a Flat Coin is that it is a lot more stable than your everyday Crypto and also not susceptible to bad governance since inflation does not affect its worth.

This project is likely to be a Flat Coin. Devoid of all government incompetency.

Are we breaking the law?

No. The SEC’s stance is clear on what cryptocurrencies are.

Cryptocurrencies are not recognized as currency or legal tender in Ghana. If it isn't an “electronic transaction” per the definition of the new law, then effectively it cannot be taxed. You see to tax it, the Government is going to have to legalize the entire Crypto space.

By avoiding taxes through GHSC we are also well within the confines of the law.

The GRA states that Tax avoidance mainly involves bending the rules of the tax system to gain a tax advantage. Although tax avoidance can be viewed as forms of tax noncompliance as it embroils a range of activities that intend to subvert the country’s tax system, it is however a legitimate act and therefore not considered a tax offence.

We will provide more details and information in our Whitepaper. Maybe this will go down in history as a project that will truly liberate the people of Ghana and put their destinies into their own hands. We eagerly look forward to what this becomes.

Cheers!