Ghana’s central bank has issued a mandatory directive requiring all regulated financial institutions to immediately stop supporting unauthorized foreign-currency digital wallet services offered by cryptocurrency platforms.
According to ChainCatcher, citing a report from Bitcoin.com, the central bank said multiple crypto platforms operating in Ghana provide digital wallets denominated in foreign currencies, mainly U.S. dollars, and integrate with the local banking system through channels such as direct bank transfers and payment cards, despite lacking authorization.
The central bank said these foreign-currency digital wallet services trigger compliance requirements under the Payment Systems and Services Act, 2019 and the Foreign Exchange Act, 2006. It added that because the crypto platforms do not have the necessary approvals, any bank infrastructure supporting such services is illegal.
The directive takes effect immediately and applies to banks, deposit-taking institutions, electronic money issuers, and payment service providers. It prohibits establishing or maintaining any arrangements that support these unauthorized fiat wallet systems.
The central bank said institutions that violate the directive may face regulatory or enforcement action. It also said it has set up a virtual asset service desk for businesses seeking compliance guidance.
Alex
