The Bank of Ghana (BoG) has directed all regulated financial institutions to immediately cease any arrangements that support unauthorised foreign currency wallet services being offered to users in Ghana through cryptocurrency platforms.
The directive applies to banks, Specialised Deposit-Taking Institutions, Electronic Money Issuers, Payment Service Providers and other regulated entities that may be facilitating the funding, settlement or operation of fiat currency wallets denominated in foreign currencies, particularly the US dollar.
According to the central bank, it has observed the growing use of foreign currency wallet arrangements operated by certain crypto platforms, with some users able to fund and access these wallets through bank transfers, payment cards and other payment channels provided by regulated financial institutions.
The Bank of Ghana noted that such activities fall within areas governed by the country’s financial sector regulations, including the Payment Systems and Services Act, 2019 (Act 987), the Foreign Exchange Act, 2006 (Act 723), and other applicable regulatory frameworks.
However, the central bank emphasized that the crypto platforms involved have not received authorization to undertake these services in Ghana.
As a result, all regulated institutions currently providing banking, payment processing, card acquiring, settlement or related services linked to these foreign currency wallet arrangements have been instructed to take immediate steps to discontinue such support.
The move forms part of the central bank’s efforts to strengthen oversight of the financial system and ensure that payment and foreign exchange activities are conducted only through properly licensed and regulated channels.
In its notice, the Bank of Ghana warned that institutions that fail to comply with the directive could face supervisory sanctions or other enforcement actions.
The latest intervention underscores the regulator’s continued caution regarding digital asset-related activities and its commitment to maintaining the integrity of Ghana’s financial and foreign exchange systems while work continues on the development of an appropriate regulatory framework for emerging financial technologies.
Source: businesspostonline
