CBDC Launch in Ethiopia Progresses with Draft Proclamation Approval

Ethiopia’s Council of Ministers has approved a draft proclamation signaling the imminent launch of a central bank digital currency (CBDC). 

This move, endorsed by the National Bank of Ethiopia (NBE), reflects an acknowledgment of rapid technological advancements and lessons from global central banks. The approved draft establishes a legal framework for the CBDC’s introduction, a significant stride in Ethiopia’s digital currency journey. 

The NBE now possesses the authority to launch the digital currency as needed, aligning with the nation’s reform agenda and opening the local banking sector to foreign competition.

Clever Robot News Desk 21^st June 2024