Central Bank bans use of digital money

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The National Bank of Ethiopia (NBE) on Monday warned citizens not to use crypto currency.

NBE announced Monday that it has never given permission for using digital money such as bitcoin in the country and warned that those who are using it will face punishments.

The regulatory agency said in a statement that, “Based on a survey made by the Bank, virtual money transaction systems of cryptocurrency such as bit coin are being implemented without any legal ground”.

“The system is also being used as a means to conduct illegal financial flows to abroad,” the statement added.

NBE further announced the public to be aware of such activity is illegal and report such conducts to the bank and law enforcement agencies.

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