Ethiopian Central Bank Requests Citizens to Stop Using Cryptocurrencies
Ethiopian Central Bank Requests Citizens to Stop Using Cryptocurrencies. The National Bank of Ethiopia (NBE) has said that it does not accept cryptocurrency as a valid form of payment and that citizens should refrain from doing so. The bank maintains that the local birr is the only acceptable form of payment for business transactions in Ethiopia. According to a source, the Ethiopian central bank has cautioned citizens to avoid doing “illegal” cryptocurrency transactions. The article also notes that the central bank still does not accept bitcoin and other cryptocurrencies as a form of payment. The National Bank of Ethiopia (NBE) informed the nation’s citizens in a statement that the birr currency remains the only one that is recognised as legal money in a story from the state-affiliated media outlet Fanabc.
According to Ethiopian legislation, the Ethiopian Birr is required to be used in all financial transactions, according to statements made by the central bank. Ethiopia, like many of its African counterparts, has taken a wait-and-see stance on cryptocurrency use rather than outright banning it. However, this strategy hasn’t prevented the Ethiopian government from collaborating with Cardano. The NBE continues to assert that cryptocurrency is largely used for money laundering operations despite Cardano’s acceptance and the government’s apparent warming to blockchain technology. Additionally, the central bank advised citizens to report any such transactions they may come across.
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