Ethiopia paves way for digital currency

ETHIOPIA recently moved closer to launching a central bank digital currency (CBDC) after the Council of Ministers voted to approve a revised draft proclamation.

- TERENCE ZIMWARA

This proclamation establishes a legal framework for the introduction of digital currency. Described as a pivotal step in the race to launch the CBDC, the approval reportedly allows the digital currency to circulate alongside the regular currency.

According to a local report, the proclamation enables the National Bank of Ethiopia (NBE) to launch the digital currency as and when it deems necessary. The report added that the NBE took into account several factors when drafting the proclamation.