Tuesday, June 28, 2022
HomeEthiopian NewsCrypto: National Bank of Ethiopia bans digital currency 

Crypto: National Bank of Ethiopia bans digital currency 

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 

Crypto _ Bitcoin _ Digital currency
Digital currencies ( Photo : CBNC )

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The National Bank of Ethiopia on Monday announced 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 does not have recognition from the National Bank and is illegal in the country. 

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

The bank has given an explanation for its decision. 

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

The National Bank of Ethiopia called on the public to tip law enforcement bodies in the event of observation of the use of digital currencies.  

The only legal tender in Ethiopia is birr unless there is an authorised arrangement by the bank, the statement further added. 

The mining of digital currencies in Ethiopia is believed to have started well over a decade ago.  

The assessment from the National Bank of Ethiopia is that the use of digital currency is being used extensively in the country, and it said it is something that does not have recognition from the Bank. 

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1 COMMENT

  1. With many addicted sticky hands always in the coffers this shadowy currency would only be another golden shovel to scoop up heavier loads with every dipping. You think the billions pilfered between 1991 and 2018 are hard to trace but with this one expect every haul to blast into the black hole in a nanosecond before you blink once.

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