Ethiopia might publish regulations permitting the use of cryptocurrencies as a medium of exchange

According to the National Bank of Ethiopia (NBE), guidelines permitting the use of “crypto assets” and money in Ethiopia may soon be released. When a member of the House of Representatives approved the National Bank of Ethiopia’s Proclamation Amendment on Tuesday, Mamo Meheretu, the governor of NBE, made this statement. The current Proclamation contains a number of new news items, including one about cryptocurrencies and money use.

Mamo Meheretu

The Proclamation forbids “the payment of payments using cryptocurrency or any other thing or electronic money, unless the National Bank deems it necessary.” Additionally, it has been stated that anyone who disobeys the proclamation in these ways faces a maximum fine of ten thousand birr and a maximum sentence of one year in simple imprisonment.

A cryptocurrency is a digital currency, which is an alternative form of payment created using encryption algorithms. The use of encryption technologies means that cryptocurrencies function both as a currency and as a virtual accounting system. To use cryptocurrencies, you need a cryptocurrency wallet.

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