The National Bank of Ethiopia (NBE) has issued a proclamation declaring that all financial transactions in the nation must be paid in the nation’s currency, the Birr, unless otherwise permitted by the bank. In particular, the bank declared that it never gave permission for cryptocurrencies in the country and warned that those who are using them would face repercussions. It was also said that crypto was providing ideal circumstances for the concealment of illegal cash. Ethiopia’s central bank warns against trading in cryptocurrencies. The National Bank of Ethiopia does not recognize the usage of virtual money for trade or payment; thus, the bank believes that the public should be safeguarded from such illicit operations as much as possible.

Source: Ethiopian News June 06, 2022 14:10 UTC