The National Bank Ethiopia has announced that it is working on regulatory frameworks to ensure the safe and orderly participation of stakeholders in emerging digital asset technologies, following growing activity in peer-to-peer (P2P) cryptocurrency trading and exchange. The Bank stated that cryptocurrency transactions remain prohibited under the current legal framework. It emphasised that operating trading platforms, exchanges, or similar digital asset services is not permitted without explicit authorization from the Bank. The statement also highlights concerns over recent international financial and technical challenges associated with P2P platforms and crypto assets, including instances where users’ access to funds has been restricted. The Bank cautioned the public about the risks of volatility, market manipulation, fraud, scams, and other operational vulnerabilities, noting the absence of safeguards outside the regulated financial system.
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