TechFlow, June 9 — According to The Reporter Magazine, although Ethiopia officially bans virtual currency transactions, officials from the Financial Intelligence Service (FIS) say they are preparing to regulate cryptocurrencies.
Financial Intelligence Director Muluken Amare announced this during 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.
"In Ethiopia, trading virtual currencies is not permitted except for the Ethiopian birr, but we are providing training to prepare for potential unauthorized transactions," said Amare. He added that technical, human, and professional capacity-building efforts are ongoing regardless of whether the National Bank of Ethiopia decides in the future to legalize virtual currencies.
Kamal Anwar, Programme Management Officer for the United Nations counter-terrorism program, pointed out that virtual assets are used not only for terrorist financing but also for tax evasion and money laundering activities.
