Ethiopia approves CBDC law as it pursues bitcoin mining policies

Monetary policy and financial stability committees established as part of economic reforms

Big data

Ethiopia’s cabinet has approved a legal framework for central bank digital currency (CBDC), at the same time as the government is pursuing policies to make the country a global bitcoin mining destination.

The draft law will now be reviewed in the lower chamber of parliament, which is dominated by the government’s Prosperity party.

The law is part of wider economic reforms. The Council of Ministers passed the National Bank of Ethiopia Proclamation and the Banking Business Proclamation on June 13

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