<p>The Bank of Ghana has instructed all regulated financial institutions to refrain from supporting foreign currency wallet services being offered by unlicensed cryptocurrency platforms operating in Ghana.</p><p>In a notice issued on June 14, the central bank expressed concern over the increasing availability of fiat currency wallets, particularly those denominated in United States Dollars (USD), through digital asset platforms that lack the necessary regulatory approvals.</p><p>According to the BoG, these services are often funded through local banking systems, payment cards, mobile money platforms, and other payment infrastructure provided by regulated institutions. The central bank stressed that such activities require authorisation under Ghana’s financial and foreign exchange laws.</p><p>The directive applies to banks, specialised deposit-taking institutions, electronic money issuers, payment service providers, and all entities regulated by the Bank of Ghana. Institutions have been ordered to immediately discontinue any arrangements that facilitate the funding, settlement, operation, or customer access to these unauthorised wallet services.</p><p>The BoG emphasised that none of the cryptocurrency platforms currently offering such fiat wallet products have received approval to operate them in Ghana. It warned that institutions that fail to comply with the directive could face supervisory and enforcement actions.</p><p>The move forms part of broader efforts by the Bank of Ghana to strengthen oversight of the financial sector, safeguard consumers, and ensure compliance with existing regulations governing payment services and foreign exchange transactions.</p><p><strong>Disclaimer:</strong> The views and opinions expressed in this article are those of the author and do not necessarily reflect the official editorial policy, position, or views of the publisher and its associates.<br></p>