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Ethiopia

Retail_Trading_Status

Banned Unknown
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Analysis ID
#456
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Created
2025-06-26 13:06
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Executive Summary

Retail cryptocurrency trading is currently banned in Ethiopia. The National Bank of Ethiopia (NBE) prohibits cryptocurrency transactions, emphasizing that the Ethiopian Birr (ETB) is the sole legal tender. While crypto mining is permitted under specific conditions, the NBE has clarified that using crypto assets for payments or transactions within Ethiopia remains strictly prohibited. Despite the ban, reports suggest that cryptocurrency trading continues through peer-to-peer platforms and offshore exchanges.

Key Pillars

  • Primary Regulator: The National Bank of Ethiopia (NBE) oversees financial regulations and crypto policies with the aim of maintaining financial stability and preventing illegal transactions.
  • Core Compliance: Ethiopia has general AML/CFT laws (e.g., Proclamation No. 1176/2020). The Information Network Security Administration (INSA) requires registration for "crypto operations."
  • Licensing/Registration: There is no specific licensing framework for crypto exchanges, as they are not officially recognized. However, INSA mandates registration for entities involved in crypto operations, including mining and transfer.

Landmark Laws

  • National Bank of Ethiopia Proclamation No. 1359/2024:
    • Date of Issue: December 2024 (as reported by Ethio Negari)
    • Summary: Officially prohibits cryptocurrency transactions unless explicitly authorized by the NBE. Violators may face penalties, including imprisonment (up to three years) and fines (up to 10,000 birr).
  • Proclamation No. 1176/2020:
    • Date of Issue: Not specified in the report, general AML/CFT Law
    • Summary: General AML/CFT (Anti-Money Laundering and Combating the Financing of Terrorism) laws in Ethiopia.
  • INSA Directive:
    • Date of Issue: August 2022
    • Summary: Requires individuals and entities involved in "crypto operations," including mining and transfer, to register with the authority.

Considerations

  • Legal Classification: Cryptocurrencies are not recognized as legal tender. The Ethiopian Birr (ETB) is the sole legal tender.
  • Tax Treatment: Not mentioned in the report.
  • Risks and Concerns: The NBE's primary concerns include financial instability, money laundering, the lack of consumer protection, and the potential for fraud associated with cryptocurrencies.
  • Operational Challenges: The ban on crypto transactions pushes activity to peer-to-peer platforms and offshore exchanges. There are reports of significant cryptocurrency usage despite the ban.

Notes

  • Historical Context: The NBE issued a strong warning in June 2022 declaring the use of Bitcoin and other digital currencies illegal.
  • Future Plans: Ethiopian authorities, including the Financial Intelligence Service (FIS), are preparing to potentially regulate the sector in the future, focusing on monitoring illegal virtual currency transactions and building capacity to identify violations. Discussions are underway to develop a framework for digital assets, and the NBE is authorized to issue future guidelines.
  • Disclaimers: While the report mentions several sources, direct URL links may not always point to the original source but rather to summaries or articles referencing them. The exact details of future regulations are not yet defined.
  • Workarounds: Despite the official ban, cryptocurrency trading continues through peer-to-peer platforms and offshore exchanges.

Detailed Explanation

Retail cryptocurrency trading, encompassing the buying, selling, and holding of cryptocurrencies for transactional purposes, is currently banned in Ethiopia. The National Bank of Ethiopia (NBE), serving as the central bank, has unequivocally stated that the Ethiopian Birr (ETB) remains the country's sole legal tender, mandating that all financial transactions must be conducted in Birr. In June 2022, the NBE issued a firm warning, communicated by multiple sources and Fana Broadcasting Corporate, declaring the use of Bitcoin and other digital currencies for transactions illegal, threatening violators with strict legal action and urging citizens against engaging in "illegal" transactions in digital currencies. They emphasized that digital currencies are not recognized as a transactional and payment method.

The prohibition was formalized through the newly approved National Bank of Ethiopia Proclamation No. 1359/2024, as reported by Ethio Negari in December 2024. This proclamation explicitly prohibits cryptocurrency transactions unless authorized by the NBE, with violators facing penalties including imprisonment not exceeding three years and fines of up to 10,000 birr. The NBE Governor, Mr. Mamo Mehretu, clarified that while crypto mining is permitted, primarily because these companies pay for electricity in foreign currency, the use of crypto assets for payments or transactions within Ethiopia remains strictly prohibited under the new law. He asserted that "the National Bank does not allow crypto assets to serve as money within Ethiopia."

Despite the ban on crypto transactions, the Information Network Security Administration (INSA) issued a directive in August 2022, requiring all cryptocurrency operators, including those involved in mining and transfer, to register with them, as reported by EMURGO Africa & Addis Standard. INSA warned that crypto players who fail to register would be prosecuted. This directive created some ambiguity, but it doesn't supersede the NBE's ban on transactions.

Recent reports from early to mid-2025 indicate that Ethiopian authorities, including the Financial Intelligence Service (FIS), are making preparations to potentially regulate the sector in the future, focusing particularly on monitoring and addressing illegal virtual currency transactions. Muluken Amare, Director of the Financial Intelligence Service, stated in June 2025 that “Trading in virtual currencies other than the Ethiopian Birr is not allowed in Ethiopia, but we are offering training to prepare for the possibility of unauthorized trading.” AInvest reported that Ethiopia anticipates fully developing a framework for digital assets by 2025, overseen by the NBE to maintain financial stability and prevent illegal transactions. Coin Edition also quoted FIS Director Muluken Amare stating similar sentiments in June 2025.

While the ban on crypto transactions remains firmly in place, there are reports of a significant number of cryptocurrency users in Ethiopia, with trading continuing through peer-to-peer platforms and offshore exchanges, despite the official ban. This indicates a gap between the legal stance and actual practice, with individuals engaging in these activities at their own risk.

Regarding KYC/AML, while there isn't a specific framework for cryptocurrency exchanges, Ethiopia does have general AML/CFT laws, such as Proclamation No. 1176/2020. The INSA's registration requirement for "crypto operations" hints at attempts to bring some oversight. Furthermore, it's anticipated that any future regulatory framework would include AML/KYC requirements for licensed operators.

In summary, the NBE's explicit prohibition on using cryptocurrencies for transactions makes retail trading illegal for individuals. The government is exploring blockchain technology and allowing crypto mining under specific conditions while preparing for potential future regulations. The current legal status for individuals buying, selling, and holding cryptocurrencies for transactional purposes is 'Banned'.

Summary Points

Okay, here's a bullet-point summary of the Retail_Trading_Status in Ethiopia, based on the provided report, designed for quick and easy understanding:

Retail Cryptocurrency Trading Status in Ethiopia (as of 2025-06-26)

I. Overall Regulatory Status:

  • Banned: Retail cryptocurrency trading (buying, selling, and holding cryptocurrencies for transactional purposes) is currently banned for individual citizens and residents.
  • Rationale: Concerns about financial instability, money laundering, lack of consumer protection, and potential for fraud.

II. Key Regulatory Bodies & Roles:

  • National Bank of Ethiopia (NBE):
    • Primary regulatory authority for financial matters.
    • Declared the Ethiopian Birr (ETB) as the sole legal tender.
    • Explicitly prohibits cryptocurrency transactions unless specifically authorized.
    • Authorized to issue future guidelines for digital assets.
  • Information Network Security Administration (INSA):
    • Mandated to "regulate and control cryptographic products and their transactions."
    • Requires registration for "crypto operations," including mining and transfer.
    • Registration does not supersede the NBE's ban on transactions.
  • Financial Intelligence Service (FIS):
    • Monitoring and addressing illegal virtual currency transactions.
    • Building capacity to identify violations of the current ban.

III. Key Legislation & Regulations:

  • National Bank of Ethiopia Proclamation No. 1359/2024: Officially prohibits cryptocurrency transactions unless explicitly authorized by the NBE.
    • Violators face penalties, including imprisonment (up to 3 years) and fines (up to 10,000 Birr).
  • Proclamation No. 1176/2020: General AML/CFT (Anti-Money Laundering and Combating the Financing of Terrorism) laws.

IV. Compliance Requirements (Indirect):

  • Registration with INSA: Required for entities involved in "crypto operations" (e.g., mining, transfer).
  • General AML/CFT Compliance: Ethiopia's existing AML/CFT laws apply.
  • Future AML/KYC: Any future regulatory framework for digital assets is expected to include AML/KYC requirements for licensed operators.

V. Notable Restrictions & Limitations:

  • Prohibition of Cryptocurrency Transactions: Using cryptocurrencies for payments or transactions within Ethiopia is strictly prohibited.
  • Sole Legal Tender: The Ethiopian Birr (ETB) is the only legal tender.
  • Retail Trading Ban: Buying, selling, and holding cryptocurrencies for transactional purposes by individuals is illegal.

VI. Recent Developments & Changes:

  • NBE Warning (June 2022): Declared the use of Bitcoin and other digital currencies for transactions illegal.
  • INSA Directive (August 2022): Required registration for "crypto operations."
  • NBE Proclamation No. 1359/2024 (December 2024): Officially prohibited cryptocurrency transactions.
  • Preparations for Future Regulation (Early to Mid-2025):
    • Ethiopian authorities (including FIS) are preparing to potentially regulate the sector in the future.
    • Focus on monitoring and addressing illegal virtual currency transactions.
    • Discussions about developing a framework for digital assets.
  • Crypto Mining Allowed (with caveats): Cryptocurrency mining operations are permitted, primarily because these companies pay for electricity consumption in foreign currency. However, the use of mined crypto for transactions within Ethiopia remains banned.
  • Continued P2P Trading: Despite the ban, cryptocurrency trading reportedly continues through peer-to-peer platforms and offshore exchanges.

Full Analysis Report

Retail_Trading_Status: Ethiopia

Report Date: 2025-06-26

Topic: Retail_Trading_Status
Description: Assess whether individual citizens and residents in the country are legally permitted to buy, sell, and hold cryptocurrencies. Detail the regulatory environment surrounding this activity (e.g., KYC/AML requirements imposed on platforms, general warnings issued).

1. Current Status: Banned

2. Detailed Narrative Explanation:

Retail cryptocurrency trading, including the buying, selling, and holding of cryptocurrencies for transactional purposes by individual citizens and residents, is currently banned in Ethiopia. The National Bank of Ethiopia (NBE), the country's central bank, has explicitly stated that the Ethiopian Birr (ETB) is the sole legal tender in the country and that all financial transactions must be conducted in Birr.

In June 2022, the NBE issued a strong warning, declaring that the use of Bitcoin and other digital currencies for transactions is illegal and that violators would face legal measures. This stance was reiterated in a newly approved proclamation (National Bank of Ethiopia Proclamation No. 1359/2024), which officially prohibits cryptocurrency transactions unless explicitly authorized by the NBE. Violators may face penalties, including imprisonment and fines. The NBE's primary concerns include financial instability, money laundering, the lack of consumer protection, and the potential for fraud associated with cryptocurrencies.

Despite this ban on using cryptocurrencies for transactions, there's a nuanced situation regarding other crypto-related activities. Notably, Ethiopia has shown an interest in and has been allowing cryptocurrency mining operations, primarily because these companies pay for electricity consumption in foreign currency. The Information Network Security Administration (INSA) was mandated to "regulate and control cryptographic products and their transactions" and in August 2022, issued a directive requiring individuals and entities involved in "crypto operations," including mining and transfer, to register with the authority. This created some ambiguity, as it seemed to contradict the NBE's outright ban on transactions. However, the NBE Governor has clarified that while crypto mining is permitted, the use of crypto assets for payments or transactions within Ethiopia remains strictly prohibited under the new law.

Recent reports from early to mid-2025 indicate that while the ban on crypto transactions remains firmly in place, Ethiopian authorities, including the Financial Intelligence Service (FIS), are making preparations to potentially regulate the sector in the future, particularly focusing on monitoring and addressing illegal virtual currency transactions and building capacity to identify violations of the current ban. There are discussions about developing a framework for digital assets, and the NBE is authorized to issue future guidelines. However, as of the current date, these preparations do not lift the existing ban on retail trading and transactions. The focus remains on controlling illicit activities and preparing for potential future regulation, rather than permitting current retail trading.

There are reports of a significant number of cryptocurrency users in Ethiopia, and trading reportedly continues through peer-to-peer platforms and offshore exchanges, despite the official ban. This indicates a gap between the legal stance and actual practice, with individuals engaging in these activities at their own risk.

Regarding KYC/AML requirements, while there isn't a specific framework for cryptocurrency exchanges (as they are not officially recognized or licensed), Ethiopia does have general AML/CFT (Anti-Money Laundering and Combating the Financing of Terrorism) laws, such as Proclamation No. 1176/2020. The INSA's registration requirement for "crypto operations" also hints at an attempt to bring some oversight. Furthermore, it's anticipated that any future regulatory framework for digital assets would include AML/KYC requirements for licensed operators.

In summary, the NBE's explicit prohibition on using cryptocurrencies for transactions makes retail trading illegal for individuals. While the government is exploring blockchain technology, allowing crypto mining under specific conditions, and preparing for potential future regulations, the current legal status for individuals buying, selling, and holding cryptocurrencies for transactional purposes is 'Banned'.

3. Specific, Relevant Text Excerpts:

  • National Bank of Ethiopia (NBE) (June 2022, as reported by multiple sources): "Birr is the only legal currency in Ethiopia, and all financial transactions shall be effected through it.'' The NBE also stated that "the use of Bitcoin and other digital currencies for transactions is illegal in Ethiopia, warning that violators will face strict action."
  • National Bank of Ethiopia (NBE) (June 2022, via Fana Broadcasting Corporate): “Ethiopia's national currency is the Ethiopian Birr, with any financial transaction in Ethiopia to be paid in Birrs, according to the law.” The NBE "urged citizens not to engage in “illegal” transactions in digital currencies" and stated that "digital currencies like crypto-currencies and bitcoins haven't been recognized by the NBE as a transactional and payment method."
  • Ethio Negari (reporting on a newly approved proclamation, December 2024): "The National Bank of Ethiopia (NBE) has officially prohibited cryptocurrency transactions in the country... According to the proclamation, the use of cryptocurrency or any other form of digital or electronic currency is explicitly prohibited unless explicitly authorized by the National Bank. Violators of this law will face penalties, including simple imprisonment not exceeding three years and fines of up to 10,000 birr."
  • National Bank Governor Mr. Mamo Mehretu (as reported by Ethio Negari, December 2024): "Mr. Mamo emphasized that while crypto mining is permitted, the use of crypto assets, such as Bitcoin, for payments or transactions is strictly prohibited under the new law. “The National Bank does not allow crypto assets to serve as money within Ethiopia,” he asserted."
  • Information Network Security Administration (INSA) (August 2022, as reported by EMURGO Africa & Addis Standard): INSA issued a directive requiring all cryptocurrency operators to register with them. “There is interest among individuals and entities in providing crypto services including mining and transfer,” INSA said, warning that crypto players who fail to register would be prosecuted. (Note: This registration for "crypto operations" does not supersede the NBE's ban on transactions).
  • The Reporter Ethiopia (quoting Muluken Amare, Director of the Financial Intelligence Service, June 2025): “Trading in virtual currencies other than the Ethiopian Birr is not allowed in Ethiopia, but we are offering training to prepare for the possibility of unauthorized trading.” He also stated, "Transactions are not legally permitted in Ethiopia."
  • AInvest (June 2025): "Ethiopia has been cautiously approaching cryptocurrency regulations, with a framework for digital assets expected to be fully developed by 2025. The National Bank of Ethiopia (NBE) oversees financial regulations, including crypto policies, to maintain financial stability and prevent illegal transactions. The country does not endorse cryptocurrencies for transactions but is developing a framework for digital assets."
  • Coin Edition (quoting FIS Director Muluken Amare, June 2025): “Trading in digital currencies other than the Ethiopian Birr is not allowed in Ethiopia,” Amare said. “But we are offering training to prepare for the possibility of unauthorized activities.”

4. Direct, Accessible URL Links to Sources:

  • Bitcoin in Ethiopia and the Legal Regime (Vertex AI Search): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQE5-hc1YvwzWFVPPn_ktqHGF59Vmh1P58Uhu6BPXrNRf6oC51ZvzFeYTLmRRp8--QlKjpCXBcKJgrRNiZMj_6tsyN1ifTbAwdS0h2L3D8Dm6EzoB06JgAt11aCJk-su0UcsU4bbb__QQPemZtT3n19zOG-GBtmtc7z1F-Hs8Pgn (Note: While this is a Google Search result, it quotes and summarises primary source statements.)
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Web Sources (19)

Sources discovered via web search grounding

Search queries used (7)
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  • Ethiopia cryptocurrency regulation National Bank of Ethiopia
  • Is cryptocurrency trading legal in Ethiopia for individuals?
  • Ethiopia crypto KYC/AML requirements
  • Official statements on cryptocurrency in Ethiopia
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  • Ethiopia retail investment in cryptocurrency
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