The National Bank of Ethiopia (NBE) has said it does not recognize cryptocurrencies as a legitimate method of payment and that residents must avoid using them. The bank insists the local birr currency is the only lawful means of settling transactions in Ethiopia.
Illegal Transactions
The Ethiopian central bank has warned citizens against engaging in “illegal” cryptocurrency transactions, a report has said. The report adds that the central bank still does not recognize cryptocurrencies like bitcoin as a payment method.
In its report, the state-affiliated media outlet Fanabc refers to a statement from the National Bank of Ethiopia (NBE) which reminded the country’s residents that the birr currency remains Ethiopia’s only legal tender.
“Ethiopia’s national currency is the Ethiopian Birr, with any financial transaction in Ethiopia to be paid in Birrs, according to the law,” the central bank reportedly said.
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