PANews reported on June 16th that, according to Bitcoin.com, the Central Bank of Ghana has issued a mandatory directive requiring all regulated financial institutions to immediately cease supporting unauthorized foreign currency digital wallet services offered by cryptocurrency platforms. The Central Bank stated that several cryptocurrency platforms operating in Ghana offer digital wallet services denominated in foreign currencies (primarily US dollars), integrating with the local banking system through direct bank transfers, payment cards, and other channels. These cryptocurrency platforms are not authorized to conduct such activities.

The Central Bank (PBOC) stated that such foreign currency digital wallets are subject to compliance requirements under the Payment Systems and Services Act 2019 and the Foreign Exchange Act 2006. Because the crypto platforms lack the necessary approvals, the banking infrastructure supporting these services is illegal. The directive is effective immediately and applies to banks, depository institutions, electronic money issuers, and payment service providers, prohibiting the establishment or maintenance of any arrangements supporting these unauthorized fiat currency wallet systems. Institutions violating this directive will face regulatory or enforcement action. The PBOC has established a Virtual Asset Service Desk for businesses to consult on compliance matters.