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Ethiopia's central bank warns against trading in digital currencies

Ethiopia's central bank warns against trading in digital currencies
FILE - In this April 3, 2013 photo, Mike Caldwell, a 35-year-old software engineer, ...   -  
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Ethiopia

Whiles Central Africa Republic has taken a bold step to legalise digital currency (Bitcoin), Ethiopia’s central bank on Monday warned citizens not to engage in “illegal” transactions in digital currencies.

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.

“Ethiopia’s national currency is the Ethiopian Birr, with any financial transaction in Ethiopia to be paid in Birrs, according to the law,” the NBE said in a statement.

The central bank warned that digital currencies are being used to conduct informal financial transactions and money laundering schemes in Ethiopia, news portal Ethiopians today 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

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