Ethiopia warns its citizens against trading in cryptocurrencies

Ethiopia central bank warns against trading in crypto currencies

Ethiopia’s Central Bank has issued a warning to Ethiopians against engaging in illegal transactions in digital currencies.

The National Bank of Ethiopia (NBE) said digital currencies like bitcoins haven’t been recognized by the NBE as a transactional and payment method, state affiliated Fana Broadcasting Corporate (FBC) reported.

“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.

The central bank warned that digital currencies are being used to conduct informal financial transactions and money laundering schemes in Ethiopia, the news portal Ethiopians reported.

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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