An International Consultant in Trade and Technology at the United Nations HQ, Geneva, Mr. Solomon Anzagra says money is changing and in less than ten (10) years money and banking would not be what it is today.
He said money would be limited in use and codes would be the accepted norm. Mr. Anzagra made this deduction at the just ended stakeholder meeting held at the Economic and Organised Crime Office premises on Thursday, 10th October, 2019.
The stakeholder meeting which was organised for the Ghana Association of Bankers and Officials of the Economic and Organised Crime Office (EOCO) discussed the block chain technology and modern finance.
Mr. Solomon Anzagra further explained that there is a rise in private currencies and there is the tendency that money would no longer be the preserve of the government and central authorities. He added that big corporations would present a new era of private money.
According to Mr. Anzagra, money could become completely digital with or without the block chain technology because it is only an enabler of the digitization process.
He therefore entreated bankers to change their skills set, knowledge, experience and talent in order to keep up with the changing phase of money. He also called for the cooperation among relevant state institutions such as the Bank of Ghana, Commercial banks and EOCO to help clean the digital asset sector.
He further advised EOCO officials to study and understand the basic block chain auditing, forensics and traceability mechanisms to help track criminal activities on the block chain.
Mr. Solomon Anzagra bemoaned the need to create awareness to educate the public on digital assets to avoid people being victims of organised Ponzi and Pyramid schemes, scams and frauds among others.
Participants were made up of Chief Risk Directors and Internal Controller/Anti-Fraud and Forensic Managers of various banks across the Greater Accra Region and financial investigators in the Economic and Organised Crime Office.