Ethiopian central bank warns cryptocurrency users…

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(MENAFN) The use of Bitcoin and other cryptocurrencies for exchanges is banned in Ethiopia, the country’s central bank said on Monday, threatening that violators will face severe consequences.

The National Bank of Ethiopia (NBE) has said it will take “legal action” against anyone who spends digital currencies on transactions in the country.

A statement from the NBE mentioned that “the birr is the only legal tender in Ethiopia and all financial transactions must be conducted through it”.

According to the central bank, reports have emerged that people are widely using Bitcoin and other cryptocurrencies in Ethiopia.

the statement added that “a huge amount of financial transactions take place through these virtual currencies.”

He went further that “transactions via virtual currencies have also aided the transfer of illegally earned money, increasing money laundering.”

The NBE pointed out that there is still no officially known cryptocurrency trading in Ethiopia.

“We will take legal action against anyone involved in cryptocurrency transactions,” the bank warned.

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