According to Deep Tide TechFlow, on June 9, The Reporter Magazine reported that although the Ethiopian government officially prohibits trading in virtual currencies, officials from the Financial Intelligence Service (FIS) stated that they are preparing to regulate cryptocurrency.
The Director of the Financial Intelligence Service, Muluken Amare, announced this news at the ESAAMLG meeting held in Addis Ababa. The agency is working with the United Nations, Russia, and member states 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 in preparation for possible unauthorized transactions." He added that regardless of whether the National Bank of Ethiopia decides to legalize virtual currencies in the future, relevant technology, human resources, and capacity-building work is ongoing.
United Nations Counter-Terrorism Program Manager Kamal Anwar pointed out that virtual assets are used not only for terrorist financing but also for tax evasion and money laundering activities.