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National Bank of Ethiopia warns against transactions in digital currencies

Addis Ababa, June 6, 2022 (FBC) – The National Bank of Ethiopia urged citizens not to engage in “illegal” transactions in digital currencies.

The central banks said digital currencies like crypto-currencies and bitcoins haven’t been recognized by the NBE as a transactional and payment method.

“Ethiopia’s national currency is the Ethiopian Birr, with any financial transaction in Ethiopia to be paid in Birrs, according to the law,” the NBE said in a statement.

It warned that digital currencies are being used to conduct informal financial transactions and money laundering schemes in Ethiopia.

The NBE called on the public to refrain from trading in digital currencies and to report to authorities when they see such illegal transactions.

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