Ethiopia launches CBDC legal framework construction
National Bank of Ethiopia (NBE) has prepared two announcements as part of its economic reform plan, one of which involves establishing a legal framework for central bank digital currency (CBDC). These announcements have been approved by the ministerial meeting and will soon be submitted to the House of Representatives. The reforms include creating a legal framework for CBDC when necessary, increasing NBE capital, and providing a legal basis for consumer protection. NBE also plans to join the cross-border payment system and has taken measures to end the national monopoly on mobile money services.
Although digital currency is still illegal in Ethiopia, several data mining companies have been granted permission to mine cryptocurrency using cheap electricity. Other African countries have different experiences with cryptocurrency, with at least 18 countries researching CBDC. Nigeria's eNaira has had mixed results, while Zimbabwe has adopted a token based on gold.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Siebert Financial Seeks $100 Million for Crypto and AI After SEC Nod
SBI Invests $50 Million in Circle in NYSE Debut
AI Overtakes Crypto in Online Chatter, Santiment Reports Growing Debate on Job Displacement
The conversation around artificial intelligence is intensifying across the crypto space, with AI discussions now overshadowing crypto itself in online forums, according to blockchain analytics firm Santiment.

UK Insolvency Service Appoints First Crypto Specialist to Boost Asset Recovery
The UK Insolvency Service has taken a significant step in modernizing its approach to asset recovery by appointing its first cryptocurrency intelligence specialist. This move comes as digital assets, such as Bitcoin and Ethereum, become increasingly prevalent in bankruptcy and criminal investigations.

Trending news
MoreCrypto prices
More








