馃嚜馃嚬EthiopiaEast Africa
National Bank of Ethiopia reiterates ban on virtual assets and cryptocurrencies
via The Reporter Ethiopia1 min read
The National Bank of Ethiopia NBE has reconfirmed its prohibition on the use, trading, and transfer of virtual assets, including cryptocurrencies, unless explicitly authorized by the NBE. The central bank issued a public notice defining virtual assets as digital representations of value that can be electronically traded, transferred, exchanged, or used for payments, investment, or similar purposes. The ban covers the purchase, sale, exchange, transfer, trading, settlement, and facilitation of transactions involving these assets without specific approval under Ethiopia's legal framework. The NBE clarified that the prohibition extends beyond just cryptocurrencies to all virtual assets. Prohibited activities include exchanging virtual assets for fiat currencies or other virtual assets, transferring them, providing custody or administrative services, and offering financial services related to their issuance or sale. The NBE warned the public against engaging in such transactions due to legal and financial risks, including fraud, scams, cyberattacks, market manipulation, and significant financial losses. This statement reiterates existing legal restrictions and does not announce new regulations or enforcement measures.
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This summary was AI-generated from a story originally published by The Reporter Ethiopia.
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