With an estimated population of 110 million, and an average age of 18, Africa's second most populous country, Ethiopia has been the continent's sleeping giant on the tech scene. However, Ethiopia's first ever tech event, 'Startup Ethiopia', and the 'Innovate Ethiopia' week around it, showcased the country's brimming potential and seems to be a harbinger of things to come.
The Ethiopian government's Council of Ministers approved a draft proclamation that would establish a legal framework for the introduction of a central bank digital currency (CBDC). The proposed National Bank of Ethiopia Establishment Proclamation revisions will soon be referred to the House of People's Representatives for review, comment, and final ratification. https://www.linkedin.com/feed/update/urn:li:activity:7207410991230320641/
The National Bank of Ethiopia will allow locally-owned non-financial institutions to start offering mobile money services as it seeks to boost non-cash payments in the country.
The National Bank of Ethiopia (NBE) is reportedly embarking on a study on the use of a central bank digital currency (CBDC) as part of its Homegrown Economic Reform Agenda (HGER). The NBE is set to initiate the study in June 2024 under the macroeconomic team led by Girma Birru, according to the latest HGER detail matrix covering three years leading up to 2026.
The IMF published a blog on African countries' approaches to regulating crypto-assets, finding that only one-quarter of countries in sub-Saharan Africa formally regulate crypto. However, two-thirds have implemented some restrictions and six countries-Cameroon, Ethiopia, Lesotho, Sierra Leone, Tanzania, and the Republic of Congo-have banned crypto. Zimbabwe has ordered all banks to stop processing transactions and Liberia directed a local crypto startup to cease operations (implicit bans). The blog also warned that public finances could be put at risk if crypto-assets are adopted as legal tender, as the Central African Republic recently did.
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