BoG orders financial institutions to cut ties with crypto platforms running illegal dollar wallets
The Bank of Ghana (BoG) has directed all licensed banks, savings and loans companies, and payment service providers to immediately sever relationships with cryptocurrency platforms operating unauthorized dollar-denominated wallets within the country.
The directive follows concerns by the central bank that some digital asset platforms may be facilitating foreign exchange transactions outside the country’s regulatory framework. Authorities fear that such activities could undermine monetary policy and expose the financial system to significant risks.
According to the BoG, institutions found to be providing services to unlicensed crypto operators could face regulatory sanctions. Financial institutions have therefore been instructed to strengthen monitoring systems and ensure strict compliance with existing financial regulations.
The central bank noted that while technological innovation remains important to the development of Ghana’s financial sector, all operators must comply with established legal and regulatory requirements. Officials emphasized that innovation cannot come at the expense of financial stability and consumer protection.
Industry observers believe the directive may affect several cryptocurrency service providers that have gained popularity among Ghanaians seeking alternative means of conducting international transactions and preserving value amid currency fluctuations.
The Bank of Ghana has assured the public that it remains committed to developing an appropriate regulatory framework for digital assets. Until such measures are fully operational, the central bank says it will continue to take steps to safeguard the integrity of the country’s financial system.
