According to an article published by Business Insider Africa, a total of 26 African countries, including Ethiopia, have banned the usage and trading of cryptocurrency.
The article highlighted the reason behind the ban is Due to its legal position of the digital currency differs significantly from country to country, its high volatility, its usage in criminal operations, and the excessive expenditure of electricity to mine it.
According to the article, some nations have implicit laws prohibiting banks and other financial institutions from dealing in cryptocurrencies or providing services to persons or businesses who use them, while others have imposed restrictions on how Bitcoin can be used.
The full list of African countries that have banned the usage and exchange of cryptocurrency can be seen here.
- Algeria — Absolute ban
- Benin — Implicit ban
- Burkina Faso — Implicit ban
- Burundi — Implicit ban
- Cameroom — Implicit ban
- Central African Republic — Implicit ban
- Chad — Implicit ban
- Cote d`Ivoire — Implicit ban
- Ethiopia — Implicit ban
- Democratic Republic of Congo — Implicit ban
- Egypt — Absolute ban
- Gabon — Implicit ban
- Lesotho — Implicit ban
- Libya — Implicit ban
- Mali — Implicit ban
- Morocco — Absolute ban
- Namibia — Implicit ban
- Niger — Implicit ban
- Nigeria — Implicit ban
- Senegal — Implicit ban
- Tanzania — Implicit ban
- Togo — Implicit ban
- Tunisia — Absolute ban
- Uganda — Implicit ban
- Zambia — Implicit ban
- Zimbabwe — Implicit ban
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The opinions expresses here in the post "African Countries Where Crypto is Restricted or Illegal" are those of the individua's contributor(s) and do not necessarily reflect the views of Business Info Ethiopia , BIE Intelligence PLC, its publisher, editor, or any of its other contributors.
