Loading...
According to The Reporter, Muluken Amare, the Director of Ethiopia's Financial Intelligence Service (FIS), revealed at last week's Southeast Africa Anti Money Laundering Group (ESAAMLG) conference that the country is preparing for a cryptocurrency regulatory framework, although virtual currency trading is still prohibited. FIS has partnered with the United Nations, Russia, and member states to train financial security experts to monitor illegal cryptocurrency transactions. Amare emphasized that currently only Ethiopian Birr is allowed for transactions, but potential violations are being addressed through technology, manpower, and skill building. He mentioned the need to study the scale of domestic cryptocurrency trading and pointed out that if it is legalized in the future, clear regulation is needed, and if the ban is maintained, law enforcement mechanisms need to be improved. The Ethiopian Central Bank revised the bill several months ago to explicitly prohibit virtual currencies, but retained the possibility of future legalization.