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Ethiopia’s central bank warned citizens not to engage in “illegal” transactions in digital currencies. This a diametrically opposite stand taken by the Central Africa Republic to legalise digital currency (Bitcoin)
The National Bank of Ethiopia (NBE) 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 Birr. Financial transactions in Ethiopia have to be conducted in that currency only.
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The central bank warned that digital currencies are being used to conduct informal financial transactions and money laundering in Ethiopia. The central bank called on the public to refrain from trading in digital currencies. It has told authorities to report when they see such illegal transactions.
