Ethiopia Businesses Are Not Allowed To Take Bitcoin

The National Bank of Ethiopia (NBE) has issued a proclamation stating that all financial transactions in NBE must be paid in the country’s currency, the Birr, unless the bank specifically permits otherwise.

According to the Ethiopian publication Addis Standard, NBE claimed in a statement made on Monday, June 6, that the use of cryptocurrencies such as Bitcoin was becoming increasingly prevalent despite the fact that it is against the law and considered ‘illegal.’

The bank, in particular, stated that it has never granted approval for the use of cryptocurrency in the country and warned that those who do so will face consequences.

Users of cryptocurrency will suffer sanctions in Ethiopia

Indeed, Ethiopia’s central bank has issued a warning that virtual currencies are being used to carry out unauthorized financial operations and money laundering schemes. Crypto was also supposed to provide excellent conditions for the concealing of unlawful cash.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

CoinCu News