The National Bank of Ethiopia (NBE) is preparing two proclamations as part of its economic reform. One of them involves creating a legal framework for the introduction of a central bank digital currency (CBDC) 🏦. The Council of Ministers approved the proclamations, which will soon be presented in the House of Representatives.

Planned changes to NBE's policy include creating a legal framework for CBDC, increasing NBE's capital, and creating a legal framework for consumer protection. At the same time, the liberalization of foreign investment in the banking sector and the creation of a regulatory sandbox for innovative financial solutions are being discussed.

Digital currencies remain illegal in Ethiopia, although licensing "dozens" of data mining companies are seeking to exploit the country's cheap electricity to mine the cryptocurrency.