Ethiopian Cryptocurrency Laws and Regulations Information

1. Ethiopian Cryptocurrency Laws and Regulations Information

Cryptocurrency mining is not legal in Ethiopia, but crypto mining is allowed. The National Bank of Ethiopia has not yet accepted cryptocurrencies as a means of payment, but is looking to streamline its banking regulations110.

2. Select the preferred crypto exchange platform

Ethiopians in Ethiopia are following traditional crypto exchange platforms.

Binance: It is very popular globally and offers many crypto types46.

Kraken: Safe and suitable for experienced users48.

OKX: Multiple payment methods and penalty payments are identified4

3. Identity Opening and Verification (KYC)

Followers are required to open an account on crypto exchange platforms.

Identity Registration: Identity is opened using email and password6

KYC: A government ID card or passport requires identity verification4

4. Money masks

Following payment methods can be used to buy cryptocurrency.

Mastelalefia Bank: Deposits in Ethiopian Birr or Dollars4

Credit Card/Debit Card: Card payments are supported by some platforms6

P2P (Peer-to-Peer): Direct communication with other users6.

5. Bitcoin acquisition

You need to follow the steps to buy Bitcoin with money.

Market Order: Buy Bitcoin at the current market price6

Limit Order: Enter an order to buy bitcoins at a certain price6

6. Use a crypto wallet

You can use the following currencies to track Bitcoin from home.

Hardware Wallet: Ledger-like wallets offer high security46.

Software Wallet: Wallets like BlueWallet are easy to use4

7. Safety and WARNINGS

Two-level authentication (2FA): for identifying additional security6

Scrum and Hacking Warning: Avoid dangerous links and ads6

8. Follow crypto market trends

Since Bitcoin price is very volatile, the best decision can be made by following market trends3

Overall, the following are the main requirements for buying and using Bitcoin in Ethiopia. See the above sources for more information.