By Ere-ebi Agedah
As Ethiopia’s central bank on Monday cautioned citizens not to engage in “illegal” transactions in digital currencies, Central Africa Republic has taken a bold step to legalise digital currency (Bitcoin).
The National Bank of Ethiopia (NBE) said digital currencies like crypto-currencies and bitcoins haven’t been recognized by the NBE as a transactional and payment method, state-affiliated Fana Broadcasting Corporate (FBC) reported.
The NBE said in a statement that Ethiopia’s national currency is the Ethiopian Birr, with any financial transaction in Ethiopia to be paid in Birrs, according to the law.
According to news portal Ethiopians, the central bank warned that digital currencies are being used to conduct informal financial transactions and money laundering schemes in Ethiopia, reported.
The NBE called on the public to refrain from trading in digital currencies and to report to authorities when they see such illegal transactions.