Cryptocurrency controversies in Ethiopia
The National bank of Ethiopia affirmed that it is illegal to involve in any form of crypto trading in Ethiopia. Is cryptocurrency a hub for criminal financing?
It is one way to retain value. You can think of it as putting your money into gold, real estate, other assets, or a stronger currency, except that this one is virtual. You do not see metal bars, properties, notes, or coins. This revolutionary trading, cryptocurrency, is becoming the new way of storing value and exchanging resources. This peer-to-peer transaction is done without the supervision of a central financial institution like banks.
The many distributed computers around the world validate the cryptocurrency system. It means that no country or government is controlling and manipulating it. This decentralization is the chief reason for the increasing number of crypto traders. All records are kept on a vast virtual ledger where all transactions are registered. Anyone with the will and computing capacity can participate in it.