National Bank of Ethiopia (NBE), has stated that it doesn’t recognize cryptocurrency as a valid method of payment, and that citizens should not use them. Illegal TransactionsThe Ethiopian central bank has warned citizens against engaging in “illegal” cryptocurrency transactions, a report has said. According to the report, the central bank does not yet recognize bitcoin and other cryptocurrencies as payment methods. “Ethiopia’s national currency is the Ethiopian Birr, with any financial transaction in Ethiopia to be paid in Birrs, according to the law,” the central bank reportedly said. These transactions were encouraged by the central bank, who also advised residents that they should be reported to authorities if they are found.

Source: Ethiopian News June 08, 2022 11:37 UTC