Woofun AI reports that the Bank of Ghana has issued a mandatory directive compelling all regulated financial institutions to immediately halt support for unauthorized foreign currency digital wallet services facilitated by cryptocurrency platforms. The central bank identified that several crypto entities operating within Ghana provide USD-denominated wallet services integrated with the local banking infrastructure via direct transfers and payment cards, despite lacking the requisite regulatory approvals.

These activities are deemed illegal under the Payment Systems and Services Act of 2019 and the Foreign Exchange Act of 2006 due to non-compliance with established compliance frameworks. The directive applies instantly to banks, deposit-taking institutions, electronic money issuers, and payment service providers, prohibiting any arrangements that sustain these unauthorized fiat wallet systems. Non-compliant entities face immediate regulatory enforcement actions, while the central bank has established a virtual asset service desk to assist businesses with compliance inquiries.