In June 2022, the National Bank of Ethiopia confirmed that bitcoin and all other cryptocurrencies are illegal. Furthermore, it vowed to enforce the ban and take legal action against violators. Recent studies indicate that the use of cryptocurrencies is widespread in Ethiopia. The central bank points out that cryptocurrencies help in the transfer of ill-gotten money as well as money laundering. A spokesperson of the central bank warned that they would take legal action against “anyone involved in transactions of cryptocurrency”.
A Paper Tiger
While this stance greatly differs from that of other African countries, including the Central African Republic, many governments around the world also hold this position. However, there is a huge difference between making rules and enforcing them. For instance, despite China’s crypto ban, a recent report issued by Chainalysis claims that about USD50 billion worth of bitcoin was sent from Chinese bitcoin wallets to crypto wallets in other countries.
One thing that makes enforcement so tough is the very nature of cryptocurrency. It only exists in the ether, and transactions are largely anonymous. This is why it’s so popular among online gamblers who reside in countries that have outlawed online gambling. Cryptocurrencies easily circumvent almost any barrier that authorities might put in the way. It isn’t too difficult to purchase crypto and use it to start playing at an online casino, no matter where you live. You can even get some great casino bonuses by visiting https://kenya-bonusesfinder.com/free-spins/ along the way. Unless you walk into a police station and announce what you’re doing, who’s going to know?
Crypto Bans are Ineffective
As it stands, there is only a small number of countries that have banned cryptocurrency. Coincidentally, most of them rank in the lower segments of The Economist’s Democracy Index. Another thing those regions have in common is that their crypto bans have been mostly ineffective. Many people in places like Algeria, Saudi Arabia, Pakistan, and Taiwan continue to defy crypto bans and anti-gambling laws with impunity. Tony Sloterman, product owner and marketing manager at Casino Bonuses Finder often has crypto gamblers from those, and other countries take advantage of the many crypto casino bonuses he has on offer. In fact, more and more people are turning to cryptocurrencies like Bitcoin, Ethereum, and Tether for their online gambling. These people are simply trying to have a good time and possibly win some money.
Again, Ethiopian authorities can make it a little more difficult for crypto users to go about their business. They can direct financial institutions to block certain transactions. They can even block access to some of the more popular crypto exchanges and online casino sites. However, it’s highly unrealistic to believe that such measures would have a significant impact.
If an Ethiopian resident wants to buy bitcoin and use it to play at an online casino or purchase goods and services, they’ll do it knowing that there is little if any chance of getting caught and punished. Of course, technology is always evolving. It isn’t outside the realms of possibility that authorities could one day discover a way to gain the upper hand in their battle. It just doesn’t look like it will happen any time soon. The use of cryptocurrency is on the rise, and there is little that the Ethiopian Central Bank can do to stop it.
