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Transactions with Cryptocurrencies illegal, says Central Bank

ADDIS ABABA – The National Bank of Ethiopia has warned against the use of crypto currencies, stating it has not given any permission for its use in Ethiopia.

According to the NBE establishment proclamation, all monetary transactions shall be recorded and settled in Birr unless otherwise authorized by the National Bank.

However, recent investigation has shown that people are increasingly using crypto currencies such as Bitcoin digital currency for transaction and payment, says the central bank in a statement today.

The transactions using crypto currencies are being conducted without the knowledge of the bank and involve large sums of money, creating a conducive environment for money laundering,” said the Bank.

The bank also said the public should be aware that it has never given permission for crypto currencies in the country, and any transactions or payment using crypto currencies are illegal.

The public urged to stay clear of the digital asset market.

“The bank will also take legal actions against those engaged in the illicit activities,” said NBE, urging the public to inform those involved to the bank or law enforcement agencies.

While cryptocurrency is welcomed in some parts of the world, several countries are wary of its volatility and decentralized nature and its use in nefarious transactions.

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