Ethiopia’s central bank released a statement today calling Bitcoin “illegal,” prohibiting the use of any other currency except the Birr for all transactions.
Unlike its western neighbor the Central African Republic which embraced bitcoin as legal tender, raising concerns from the International Monetary Fund, the National Bank of Ethiopia (NBE) does not recognize virtual currency, it said in an announcement Monday.
“Ethiopia’s national currency is the Ethiopian Birr, with any financial transaction in Ethiopia to be paid in Birrs, according to the law,” the bank said in a statement to state-affiliated news outlet Fana Broadcasting Corporate.
While the bank recognizes the growth of bitcoin use in the East African country, it is adamant that it has never granted permission for citizens to use the currency for transactions and payments, warning about negative consequences for those who do. It has adopted this stance because it believes that virtual currency is being used to conduct...
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