The Bank of Ghana (BoG) has directed all regulated financial institutions to immediately cease facilitating transactions linked to unauthorised foreign currency wallet services operated by cryptocurrency platforms in Ghana.
The directive follows the central bank’s observation of an increasing number of cryptocurrency platforms offering digital foreign currency wallet services to customers without regulatory approval.
According to the BoG, these platforms enable users to hold and transact in foreign currencies through digital wallets that are funded through bank transfers, payment cards, mobile money accounts and other payment channels provided by regulated financial institutions.
A statement issued by the central bank said the activities of such platforms contravene provisions of the Payment Systems and Services Act, 2019 (Act 987) and the Foreign Exchange Act, 2006 (Act 723).
The BoG stressed that no cryptocurrency platform had been licensed or authorised to provide foreign currency-denominated wallet services or related payment solutions within Ghana.
“Accordingly, banks, Specialised Deposit-Taking Institutions, Electronic Money Issuers, Payment Service Providers, and other Regulated Financial Institutions are hereby directed to refrain from establishing or maintaining arrangements that facilitate the funding, operation, settlement, or customer access to unauthorised fiat currency wallet services offered to users in Ghana,” the statement said.
The directive affects banks, specialised deposit-taking institutions, electronic money issuers, payment service providers, card processors and other regulated entities that may be providing infrastructure or settlement services to such platforms.
The central bank further instructed affected institutions to take immediate steps to terminate any existing arrangements that support the operation of the unauthorised services.
It warned that institutions found to be in breach of the directive would be subject to supervisory and enforcement actions in accordance with applicable laws and regulations.
