The country’s cybersecurity office has ordered all cryptocurrency service providers with operations in Ethiopia to register. Following the National Bank of Ethiopia’s (NBE) declaration, service providers must begin registering with the cybersecurity organisation. Several reports claim that the new law gives the cybersecurity agency the authority to oversee the transactions involving digital assets and cryptographic products. NBE has stated that although utilising digital assets in Ethiopia is prohibited, people there were using cryptocurrency transactions. The National Bank of Ethiopia mentioned those transactions through digital assets while creating a possibility of money laundering.

Source: Ethiopian News August 29, 2022 07:55 UTC