Ghana Central Bank Orders Banks to Cut Crypto Dollar Wallet Ties

The Bank of Ghana has ordered all regulated financial institutions to immediately stop supporting unauthorized foreign-currency digital wallets offered by cryptocurrency platforms.

The directive, issued June 12, targets crypto platforms that have been offering digital wallet arrangements denominated in U.S. dollars. To keep those services running, the platforms relied on integration with Ghana's banking system, using payment channels including direct bank transfers, payment cards and other local payment rails.

The central bank said these setups trigger compliance requirements under the Payment Systems and Services Act of 2019 and the Foreign Exchange Act of 2006. Because the crypto platforms lack formal authorization for foreign-currency wallet services, the infrastructure supporting them is illegal under current banking guidelines, the regulator argued.

The order applies to banks, specialized deposit-taking institutions, electronic money issuers and payment service providers. They are prohibited from establishing or maintaining any arrangements that facilitate the funding, operation or settlement of these unauthorized fiat wallet systems.