National Bank of Ethiopia Warns Public the Use of Cryptocurrencies is Illegal

The bank warned that digital currencies are being used to conduct informal financial transactions and money laundering schemes in the Ethiopia.

0
85
JOIN US ON TELEGRAM

The National Bank of Ethiopia (Central Bank of Ethiopia) is warning citizens not to engage in ‘illegal’ transactions in digital currencies.

The National Bank of Ethiopia (NBE) said digital currencies like bitcoin have not been recognized by the NBE as a transactional and payment method, state-affiliated Fana Broadcasting Corporate (FBC) reported.

‘The national currency is the Birr, with any financial transaction in the country to be paid in Birrs, according to the law.’

– Statement, National Bank of Ethiopia

______________________________________________________________________

SEE ALSO: IMF Officials Urge Developing Nations to Tighten Control of Crypto Flows

______________________________________________________________________

The picture above of the statement was shared on twitter by a crypto enthusiast.

The bank warned that digital currencies are being used to conduct informal financial transactions and money laundering schemes in the Ethiopia.

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

In April 2022, Ethiopia reported 36% year-over-year (YoY) inflation rate.

High inflation rates have largely contributed to affected residents of some of these countries to adopt newer forms of currency, such as bitcoin, that offer higher levels of stability amid the devaluation of their currencies.

______________________________________________________________________

RECOMMENDED READING: How Currency Depreciation is Driving Crypto Adoption Across Africa – A Look at 6 African Currencies

______________________________________________________________________

Thank you for your support by helping us create content:

BTC address: 3CW75kjLYu7WpELdaqTv722vbobUswVtxT

ERC20 Address: 0x03139524428e40E31f13909f8D994C915FB91277

SOL address: 9cC65AWFHj848kntcoyiT8av3jiRQEqyTTmBR1GvVUb

____________________________________________________________________

Follow us on Twitter for the latest posts and updates

Join and interact with our Telegram community

_____________________

Subscribe to our YouTube channel below for more updates:

____________________________________________________________________

LEAVE A REPLY

Please enter your comment!
Please enter your name here