The National Bank of Ethiopia (NBE) on Monday warned against the use of digital currencies and advised citizens to refrain from engaging in such “illegal” transactions.
The National Bank of Ethiopia (NBE) said digital currencies like crypto-currencies and bit coins haven’t been recognized by the NBE as a transactional and payment method, NBE said in a statement.
“Ethiopia’s national currency is the Ethiopian Birr, with any financial transaction in Ethiopia to be paid in Birr, according to the law,” the NBE said in a statement.
It warned that digital currencies are being used to conduct informal financial transactions and money laundering schemes in Ethiopia.
The NBE called on the public to refrain from trading in digital currencies and to report to authorities when they see such illegal transactions.
MG/as/APA