Ethiopia banned Crypto Currency, Bitcoin and other digital currencies

Crypto Currency, Bitcoin and other similar transactions are not allowed in Ethiopia

The National Bank of Ethiopia (NBE) has stated that the only currency in Ethiopia is Birr

The National Bank of Ethiopia (NBE) said in a statement that “the use of virtual currency or digital currency for trading or payment is not recognized by the National Bank of Ethiopia (NBE) and the public should beware of such illegal activities.”

The National Bank of Ethiopia Establishment Proclamation No. 591/2000 clearly states that the Ethiopian currency is Birr and that all transactions in the country will be paid in Birr unless otherwise authorized by the National Bank.

In addition, according to the payment system Proclamation No. 718/2003, it is not possible to provide any money transfer or financial services without the permission of the National Bank of Ethiopia.
According to the bank, digital currencies such as cryptocurrencies, Bitcoin and other cryptocurrencies are now expanding in Ethiopia.
He also said that this practice has created a situation where large sums of money are being transferred without the approval of the National Bank of Ethiopia, and in particular, it is creating a favorable environment for money laundering.

The National Bank of Ethiopia (NBE) said in a statement that the use of digital currency for trading or payment is not recognized by the National Bank of Ethiopia.

He urged the public to protect themselves from such illegal activities, adding that the agency would take legal action against those responsible.

The public also called on the public to report any wrongdoing to the National Bank and other relevant law enforcement agencies.

By ethionegari@gmail.com

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