Ethiopia Central Bank Bans Trading of Cryptocurrencies Vows to Take Action

Ethiopia’s central bank on Monday told its citizens not to engage in “illegal” transactions in digital currencies.

The Bank urges the public to beware of such illegal activities as the use of digital currencies such as cryptocurrencies, bitcoin and other currencies in the country is not recognized by the National Bank of Ethiopia (NBE)

“The national currency is the Birr, with any financial transaction in the country to be paid in Birrs, according to the law,” the NBE said in a statement according to a translated report from the state media outlet Fana Broadcasting Corporate (FBC).

It further warned that digital currencies are being used to conduct informal financial transactions and money laundering schemes in the East African Country.

The NBE called on the public to refrain from trading in digital currencies and to report to authorities when they see such illegal transactions. 

Read also; Ethiopia Tweaks Rules to allow Foreign Banks and Fintechs.

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