National Bank of Ethiopia vows to take action on crypto-traders

Date:

Share post:

The Bank urges the public to beware of such illegal activities as the use of digital currencies such as cryptocurrencies, bitcoin and other currencies in Ethiopia is not recognized by the National Bank of Ethiopia.

The National Bank of Ethiopia (NBE) has issued a proclamation stating that the currency of Ethiopia is Birr and all financial transactions in the country will be paid in Birr unless otherwise authorized by the National Bank of Ethiopia.

According to Payment System Proclamation No. 718/2003, no money transfer or financial services may be provided without the approval of the National Bank of Ethiopia.

However, research shows that cryptocurrencies such as Bitcoin, Bitcoin, etc., are now being widely used in Ethiopia.

It is also understood that this practice is creating a favorable environment for large-scale money laundering without the approval of the National Bank, and in particular for money laundering.

The public said the public should be protected from such illegal activities as the use of virtual currency for trading or payment is not recognized by the National Bank of Ethiopia.

He said the National Bank of Ethiopia (NBE) would take legal action against the perpetrators and called on the public to report any wrongdoing to the NBE and other relevant law enforcement agencies.

 

Addis Insight
Addis Insighthttps://www.addisinsight.net/
Addis Insight is Ethiopia’s fastest growing digital news platform, providing consumers with the latest news from Ethiopia and its diaspora. We provide marketers with innovative opportunities to leverage our stories and overall brand with a fiercely curious and highly engaged audience.

6 COMMENTS

Comments are closed.

Related articles

The Passport He Borrowed, The Debt They Forgot: What if Ethiopia Had Turned Mandela Away?

In 1962, a man with no legal country arrived in Addis Ababa. He was a fugitive from an...

Addis Ababa Proposes Historic Half-Trillion Birr Budget: What It Means for Residents

A massive 43% budget surge is coming to Ethiopia's capital. From massive road projects to low-income subsidies, see...

Why Africa’s Largest Airline Just Bought a Tiny Canadian Plane

Ethiopian Airlines is famous for its massive fleet of long-haul Boeing and Airbus jets, but its latest acquisition...

Addis Gessesse, Visionary Who Elevated Ethiopian Music to the World Stage, Passes Away

The global music industry and the Ethiopian diaspora are in deep mourning following the sudden passing of visionary...