• Wed. Jun 22nd, 2022

National Bank of Ethiopia Bans Digital Currency

ByHazel R. Lang

Jun 7, 2022

The use of digital currency, including crypto and bitcoin, is illegal in Ethiopia and should be reported to law enforcement authorities, says the country’s National Bank.

Digital currencies (Photo: CBNC)

bokena

The National Bank of Ethiopia announced on Monday that cryptocurrency and other forms of digital currencies are illegal in the country.

The Bank warned the public not to use any form of digital currency as it is not recognized by the National Bank and is illegal in the country.

The National Bank of Ethiopia has also warned that it will take serious legal action against anyone found using cryptocurrencies.

The bank explained its decision.

A statement from the bank states that a huge transaction with the use of digital currencies has been observed and the situation has created favorable conditions for criminals to take illegally obtained money out of the country.

The National Bank of Ethiopia has called on the public to tip law enforcement if they observe the use of digital currencies.

The only currency that is legal tender in Ethiopia is the birr, unless there is an arrangement authorized by the bank, the statement added.

It is believed that the mining of digital currencies in Ethiopia started more than ten years ago.

The National Bank of Ethiopia’s assessment is that the use of digital currency is widely used in the country, and they stated that it is something that is not recognized by the Bank.

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