Bitcoin Business Transactions Are Illegal: Ethiopian Central Bank

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  • Ethiopia’s cen­tral bank issued a state­ment remind­ing its cit­i­zen­ry that busi­ness prac­tices made with bit­coin are illegal.
  • The Nation­al Bank of Ethiopia warned that “infor­mal finan­cial trans­ac­tions” using BTC are used for “mon­ey laun­der­ing schemes.” 
  • The Com­mer­cial Bank of Ethiopia stat­ed BTC was being used for com­mer­cial prac­tices but it is unclear whether busi­ness­es are buy­ing or sell­ing with BTC.

The Nation­al Bank of Ethiopia (NBE), has reit­er­at­ed that it is ille­gal to con­duct busi­ness with cryp­tocur­ren­cies such as bit­coin, accord­ing to a trans­lat­ed report from Ethiopi­an state media out­let Fana Broad­cast­ing Cor­po­rate (FBC).

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