The National Bank of Ethiopia (NBE) said in a statement that the use of “virtual assets or digital currencies” for trading or payment is not recognized by the National Bank of Ethiopia (NBE) and urged the public to refrain from such illegal activities.
The National Bank of Ethiopia Establishment Proclamation No. 591/2000 clearly states that the Ethiopian currency is Birr and that all transactions in the country will be paid in Birr unless otherwise authorized by the National Bank.
The bank also said in a statement that it could not provide any money transfer or financial services without the approval of the National Bank of Ethiopia. Financial services are expanding in Ethiopia.
NBE also said that this practice is creating a favorable environment for money laundering without the approval of the National Bank of Ethiopia
