Ethiopia's National Bank Maintains Ban on Virtual Assets

The National Bank of Ethiopia has reaffirmed its stance on virtual assets, prohibiting their use, purchase, sale, exchange, transfer, trading, settlement, and facilitation unless explicitly authorized under existing laws.

This prohibition encompasses not only cryptocurrencies but also digital representations of value that can be electronically traded, transferred, exchanged, or used for payment or investment purposes.

The National Bank specifically outlines several activities considered prohibited, including exchange between virtual assets and fiat currencies, transfer of virtual assets, safekeeping and/or administration of virtual assets, and participation in financial services related to an issuer's offer and sale of a virtual asset.