Today, June 6, 2022, the National Bank of Ethiopia issued a statement warning that the use of cryptocurrencies in Ethiopia is ‘illegal’ and will result in repercussions. Ethiopians, according to the statement, are increasingly using cryptocurrency for illegal purposes such as money laundering.
According to the regulatory body, citing the 2003 National Payment System proclamation, anyone wishing to use new payment instruments other than birr must obtain a permit from the central bank.
Furthermore, the central bank stated that the country central bank has not authorized the use of cryptocurrencies in the country in any way.
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