Ethiopia Considers Legalizing Crypto Currency

Is Ethiopia considering legalization of crypto currency? Mamo Mehretu, the chief of Ethiopian National Bank, today said NBE may issue guidelines to use cryptocurrency. ️

Use of digital currency is not legal in Ethiopia. But in a talk, NBE chief implied that Ethiopia could follow other countries if crypto currency is legalized by other countries.

Mr. Mamo said that the National Bank is closely monitoring global “changes” and “developments” in central banking, monetary policy and financial administration and it may issues directive about use of digital currency.

NBE chief, in response to a question from a member of the Ethiopian House of People’s Representatives today talked about digital currencies. The HoPR today approved the National Bank of Ethiopia Proclamation Amendment allowing foreign banks to enter the Ethiopian banking sector.

The existing law in Ethiopia about crypto currency states that “no one can make payments using cryptocurrency or any other digital or electronic currency unless the National Bank permits it when it finds it necessary”. However it seems that the National Bank of Ethiopia could issue guidelines about use of crypto and other digital currencies.

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