Ethiopia: Central Bank warns against cryptocurrencies

Ethiopia: Central Bank warns against cryptocurrencies

The National Bank of Ethiopia (NBE) issued a statement on Monday warning against cryptocurrency trading in the country.

The NBE said digital currencies like crypto-currencies and bitcoins haven’t been recognized by the NBE as a transactional and payment method, state affiliated Fana Broadcasting Corporate (FBC) reported.

“Ethiopia’s national currency is the Ethiopian Birr, with any financial transaction in Ethiopia to be paid in Birrs, according to the law,” the NBE said in a statement.

The bank said the use of cryptocurrencies like Bitcoin was becoming prevalent despite being against the law.

It said this was creating favourable conditions for hiding illicit funds.

The NBE has vowed to take measures against those using cryptocurrencies.

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