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Ethiopian Central Bank Urges Residents to Stop Engaging in Crypto Transactions

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The National Bank of Ethiopia (NBE) has said it does not recognize cryptocurrencies as a legal payment method and that residents should avoid using them. The bank insists that the local currency birr is the only legal means of payment in Ethiopia.

Illegal transactions

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The report states that Ethiopia’s central bank has warned citizens against engaging in “illegal” cryptocurrency transactions. The report adds that the central bank still does not recognize cryptocurrencies like bitcoin as a payment method.

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In his reportstate media Fanabc cites a statement from the National Bank of Ethiopia (NBE) that reminded the people of the country that the birr currency remains the only legal tender in Ethiopia.

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“The national currency of Ethiopia is the Ethiopian birr, and by law, any financial transaction in Ethiopia must be paid in birr,” the central bank said.

Residents urged to report cryptocurrency transactions

Like many other countries in Africa, Ethiopia has not completely banned the use of cryptocurrencies, but adopted expectant approach. However, this approach has not stopped the Ethiopian government from establishing a working relationship with Cardano.

The adoption of Cardano, as well as the government’s apparent attitude towards blockchain technology, did not stop the NBE from repeating the claim that cryptocurrencies are mainly used for money laundering schemes. The central bank also urged residents to report such transactions if they encounter them.

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Credit : news.bitcoin.com

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