Bank of Ghana Enforces Ban on Unauthorized Crypto Dollar Wallets
- On June 12, the Bank of Ghana ordered banks to stop supporting unauthorized foreign currency wallet services offered by cryptocurrency platforms.
- The directive targets banks, specialized deposit-taking institutions, electronic money issuers, and payment service providers.
- Unauthorized digital wallets denominated in foreign currencies breach the Payment Systems and Services Act of 2019 and the Foreign Exchange Act of 2006.
- Financial institutions failing to comply will face immediate regulatory action from the central bank.
- Compliant businesses can seek technical clarity through a dedicated inquiry channel provided by the central bank.
The Bank of Ghana has mandated that all regulated financial entities cease operations with unapproved crypto platforms offering USD-denominated wallets, citing breaches of national financial laws as per acts from 2006 and 2019. Institutions that continue support risk facing immediate enforcement actions from the regulator.
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