The National Bank of Ethiopia (NBE) has prepared two announcements as part of an economic reform program, one of which involves the establishment of a legal framework for a central bank digital currency (CBDC). The announcements have been approved by the Council of Ministers and will soon be submitted to the House of Representatives. The reforms include the creation of a legal framework for a CBDC if necessary, an increase in NBE capital, and a legal basis for consumer protection. The NBE also plans to join the cross-border transfer system and has taken steps to end the state monopoly on mobile money services.
Although digital currencies are still illegal in Ethiopia, several data mining companies have been allowed to use cheap electricity for cryptocurrency mining. Other countries in Africa have different experiences with cryptocurrencies, with at least 18 countries working on CBDCs, Nigeria's eNaira having mixed results, and Zimbabwe adopting gold-based tokens.
Ethiopia launches legal framework for CBDC
2024-06-17 22:06:26
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