{
  "id": 17796560,
  "title": "BoG warns foreign-currency stablecoins could threaten monetary sovereignty",
  "url": "https://urgent.news/2026/11/02/bog-warns-foreign-currency-stablecoins-could-threaten-monetary-17796560",
  "topic": "world",
  "section": "World",
  "published": "2026-11-02T12:23:07.000Z",
  "source": {
    "name": "Joy Business",
    "slug": "joy-business",
    "url": "https://www.myjoyonline.com/bog-warns-foreign-currency-stablecoins-could-threaten-monetary-sovereignty/"
  },
  "original_language": "en",
  "account": "The Bank of Ghana has issued a warning that the increasing use of foreign-currency stablecoins could jeopardize the nation's monetary independence and hinder its capacity to execute monetary policy. Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana, addressed this concern at the Africa Virtual Assets Summit 2026. He pointed out that the growing acceptance of digital assets might lead to a preference for foreign currencies over the Ghana cedi, disrupt capital flows, and pose risks to financial stability.\n\nWhile acknowledging the potential advantages of stablecoins for payments and settlement, Dr. Asiama cautioned against the consequences of their expanding usage, especially for those denominated in foreign currencies. \"Stablecoins may offer benefits for payments and settlement, but their growing adoption, particularly those denominated in foreign currencies, could have implications for monetary sovereignty, currency substitution, capital flows, and the effectiveness of monetary policy,\" he emphasized. In response to these concerns, the Bank of Ghana is currently drafting a stablecoin directive to oversee sector activities. The central bank is also collaborating with the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC) to establish regulatory measures and supervisory structures for virtual assets.\n\nDr. Asiama noted that the enactment of the Virtual Asset Service Providers Act, 2025 (Act 1154), represents a significant milestone in regulating virtual assets in Ghana. He stressed that the expansion of digital finance must be balanced with measures to safeguard monetary and financial stability and maintain confidence in the Ghana cedi.",
  "summary": "The Bank of Ghana (BoG) has warned that the growing use of foreign-currency stablecoins could undermine the country's monetary sovereignty and weaken its ability to implement monetary policy. Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, said the increasing adoption of the digital assets could encourage the use of foreign currencies over the Ghana cedi, affect capital flows and create…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}