Ethiopia Signs $250 Million Agreement for Cryptocurrency infrastructure

Ethiopia signs $250 million agreement to construct crypto currency data mining center.

The burgeoning demand for crypto currency trading has captured the attention of Ethiopia over the past five years.

Despite the National Bank of Ethiopia’s declaration two years ago, prohibiting crypto currency transactions under penalty of law, the interest in infrastructure development to facilitate Bitcoin transactions has surged.

Presently, while Ethiopia prohibits crypto currency trading, the nation has inked agreements to construct data centers.

Recently, West Data Center Plc. sealed a monumental $250 million deal with Ethiopia Investment Holding in Addis Ababa.

This landmark agreement outlines plans for the data mining center to offer training on Bitcoin trading and delve into artificial intelligence topics.

Interest from Russian and Chinese crypto currency companies has also emerged, with plans to establish data mining centers within Ethiopia’s ICT Park.

Raxio, an international data center company, recently announced the completion of its construction project in the Addis Ababa ICT Park, further emphasizing the nation’s commitment to accommodating crypto currency-related endeavors.

The crypto currency market continues to thrive, with Bitcoin currently valued at $50,000 per unit.

According to a Reuters report, Bitcoin has experienced a remarkable surge in value over the past few years, reaching its current peak.

The increase in Bitcoin’s value has been attributed to the US decision to allow the trading of shares in the crypto currency, resulting in a $15,000 surge in just one month.

Comparatively, Bitcoin’s price has escalated by 16 percent compared to the previous month and an astonishing 150 percent compared to January of the previous year.

Notably, two years ago, Bitcoin soared to as high as $60,000, spurred by the surging demand for crypto currency transactions.

The trajectory of crypto currency trading in Ethiopia underscores the nation’s evolving stance on digital assets and its readiness to embrace technological advancements in the financial landscape.

As global interest in crypto currencies intensifies, Ethiopia’s strategic investments in data mining centers signal its readiness to navigate the complexities of the digital economy while contributing to its technological infrastructure and economic growth.


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