Ethiopia is preparing to regulate cryptocurrency

ChainCatcher news, although the Ethiopian authorities have banned trading in virtual currencies, officials from the Financial Intelligence Service (FIS) stated that they are preparing to regulate cryptocurrencies.

FIS Director Muluken Amare announced this at the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG) meeting held in Addis Ababa. The agency is collaborating with the United Nations, Russia, and member countries to provide training for financial security experts on monitoring and handling illegal virtual currency transactions.

Amare stated, "In Ethiopia, trading virtual currencies is not allowed except for the Ethiopian birr, but we are providing training to prepare for potential unauthorized transactions." He added that regardless of whether the National Bank of Ethiopia decides to legalize virtual currencies in the future, relevant technical, human, and professional capacity-building efforts are underway.

United Nations Counter-Terrorism Project Management Officer Kamal Anwar pointed out that virtual assets are used not only for financing terrorism but also for tax evasion and money laundering activities.