Ethiopian Central Bank Urges Residents to Stop Engaging in Crypto Transactions – According to a report, the Ethiopian central bank has advised citizens against engaging in illegal cryptocurrency transactions. The central bank, according to the report, still does not recognize cryptocurrencies such as bitcoin as a payment method.
The state-affiliated media source Fanabc cites a statement from the National Bank of Ethiopia (NBE) reminding Ethiopians that the birr currency is still the country’s only legal tender in its report.
“The Ethiopian Birr is Ethiopia’s national currency, and any financial transaction in Ethiopia must be paid in Birrs, according to law,” the central bank reportedly stated.
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Ethiopia, like many of its African neighbors, has not completely prohibited the usage of cryptocurrencies, opting instead for a wait-and-see strategy. The Ethiopian government, on the other hand, has not been deterred from building a working partnership with Cardano as a result of this approach.
Ethiopian Central Bank Urges Residents to Stop Engaging in Crypto Transactions – The NBE has continued to maintain that cryptocurrencies are largely used for money laundering operations despite Cardano’s acceptance and the government’s apparent openness to blockchain technology. Residents were also advised to report similar transactions if they came across them, according to the central bank.
