The Ethiopian Central Bank issued a directive calling on all operators of cryptocurrency in the country, to register with the Network Security Administration (INSA). INSA is the national cybersecurity agency.
This move by the Central Bank, has been viewed as an indication that the Ethiopian government is ready to partake and develop the cryptocurrency industry and protect its citizens from crypto-related crimes. The Bank, had previously issued a statement, terming crypto business in the country as illegal.
Ethiopia is only the second African country, after Central African Republic, to take steps towards formally accepting cryptocurrency. This is mainly because cryptocurrency still presents numerous regulatory challenges.