Central Bank Renounces Digital Currencies

Jun 11 , 2022

Regulators at the central bank released a statement last week, calling cryptocurrencies such as bitcoin illegal and prohibiting the use of any currency other than the Birr for financial transactions. Despite its stance against bitcoin and other cryptocurrencies, the National Bank of Ethiopia (NBE) acknowledged the growth of bitcoin and its use in the country. However, it reiterated the fact that it had never granted citizens permission to use bitcoin or other cryptocurrencies for transactions. The central bank's negative stance against cryptocurrencies is due to regulators' belief that they are being used to conduct illegal activities and launder money in the country. Other African countries, such as the Central African Republic and Cameroon, have been more accepting of cryptocurrencies, with the former even designating bitcoin as legal tende


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