Ethiopia Reiterates Ban on Cryptocurrency & Other Digital Assets
Ethiopia today categorically reiterated that cryptocurrency and other virtual assets are prohibited and their use in any form is not allowed. National Bank of Ethiopia (NBE) issued a statement in this regard.
” the use, purchase, sale, exchange, transfer, trading, settlement, and facilitation of transactions involving virtual assets are prohibited,” said National Bank of Ethiopia today. NBE further stated that this ban is “not limited to cryptocurrencies only, but extends to digital representations of value that can be electronically traded, transferred, exchanged, or used for payment, investment, or similar purposes.” NBE urged public to refrain from engaging in any transactions and activities involving virtual assets.
Interestingly, Ethiopia is a major destination for Bitcoin mining which it legalized in 2022. Several global mining firms, like BIT Mining and Bitdeer, and Chinese companies are operating large facilities in Ethiopia. Rumors have been going around after Ethiopia legalized Bitcoin mining that the country would soon legalize cryptocurrencies. NBE dismissed all the rumors today.
