Ethiopian Central Bank Urges Residents to Stop Engaging in Crypto Transactions
The National Bank of Ethiopia (NBE) has said it does not recognize cryptocurrencies as a legitimate method of payment and that residents must avoid using them. The bank insists the local birr currency is the only lawful means of settling transactions in Ethiopia. Illegal Transactions The Ethiopian central bank has warned citizens against engaging in “illegal” cryptocurrency transactions, a report has said. The report adds that the central bank still does not recognize cryptocurrencies like bitcoin as a payment method. In its report, the state-affiliated media outlet Fanabc....
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According to the National Bank of Ethiopia’s directive, which became effective on September 5, persons entering and departing the country in possession of local currency are now subject to new restrictions. Individuals may not hold local currency whose value exceeds $57.00 or 3,000 birr. The directive also sets conditions and circumstances under which Ethiopian residents and non-residents may possess and use foreign currency. Converting All Foreign Currency at Authorized Forex Bureaus The Ethiopian central bank recently issued a directive which sets a limit on the amount of the birr....
India’s central bank, the Reserve Bank of India (RBI), has reportedly informally asked banks to cut ties with cryptocurrency exchanges and traders. Some banks in India have limited their exposure to the crypto market and some plan to stop all crypto-related transactions. RBI Asking Banks to Cut Ties With Customers Dealing With Cryptocurrencies The Indian central bank has informally urged lenders “to cut ties with cryptocurrency exchanges and traders,” Reuters reported Thursday, citing three unnamed sources. The news outlet quoted a senior bank executive as saying: The....
The National Bank of Ethiopia issued a statement reminding its citizens that business transactions made with bitcoin and other cryptocurrencies are “illegal”.
Ethiopian-based group Project Mano is lobbying the government to mine, hold and link Bitcoin to the Ethiopian birr or other legal tenders. Twitter CEO and crypto proponent Jack Dorsey has highlighted the efforts of a lobby group pushing the Ethiopian government to embrace Bitcoin (BTC).In a Wednesday tweet, Dorsey shared a Twitter thread from Project Mano, an Ethiopian-based lobbying group that is trying to get the government to consider mining and storing Bitcoin. #bitcoin https://t.co/jQSnJr5bv8— jack (@jack) June 15, 2021 Dorsey appears to have given the project some helpful....
The Nigerian central bank recently fined four financial institutions it accuses of failing to stop clients from using their respective platforms to conduct cryptocurrency transactions. According to one of the affected institutions, the central bank is using a certain “advanced ability” to detect crypto transactions. Lenders Unable to Detect Crypto Transactions The Central Bank of Nigeria (CBN) recently penalized four lenders it accuses of failing to abide by a directive that forbids Nigerian financial institutions from facilitating cryptocurrency transactions, a report has....