Bitcoin Business Transactions Are Illegal: Ethiopian Central Bank

  • 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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