The National Bank of Ethiopia (NBE) has issued a proclamation declaring that all financial transactions in the nation must be paid in the nation’s currency, the Birr, unless otherwise permitted by the bank.
Furthermore, NBE claimed in a statement released on Monday, June 6, that the usage of cryptocurrencies such as Bitcoin was growing more common despite the fact that it is against the law and considered ‘illegal,’ according to the Ethiopian ហាងឆេង Addis Standard.
In particular, the bank declared that it never gave permission for cryptocurrencies in the country and warned that those who are using them would face repercussions.
Crypto users will face repercussions
Indeed, the central bank issued a ការព្រមាន that virtual currencies are being utilized in Ethiopia to carry out unofficial financial transactions as well as schemes involving the laundering of money. It was also said that crypto was providing ideal circumstances for the concealment of illegal cash.
As per a thread by the first private radio station in Ethiopia, Sheger 102.1 FM, the bank stated, “the public is aware of the illegality of this act and urges them to report it to the National Bank and the relevant law enforcement agencies.”
Source: https://finbold.com/ethiopias-central-bank-says-its-illegal-for-businesses-to-accept-bitcoin/