Does Ethiopia have a stance on cryptocurrencies?

A 2018 study concluded that Ethiopia has a contentious stance with cryptocurrency but simultaneously exhibits signs that it is continually monitoring the situation. To date, Ethiopian regulators have yet to take a public position on cryptocurrencies. In contrast, blockchain technology generally is becoming more common in Ethiopia.

What is bitcoin in Ethiopia?

Bitcoin in Ethiopia, which uses the Blockchain technology, was first created in 2009 and ever since it has grown immensely popular across the globe. Simply, these virtual coins are created using an expensive and complicated computerized process called mining.

What is a cryptocurrency & how does it work?

Cryptocurrency is a digital currency that can be used for buying goods and services as well as investment. There are many cryptocurrencies, Bitcoin is the most popular, followed by numerous altcoins. Bitcoin is the only cryptocurrency we can recommend. As of January 10, 2023, 1 bitcoin equals 932.187,22 ETB.

How will blockchain be used to identify Ethiopian Coffee?

In this case in point, blockchain will be used to trace Ethiopian coffee along the value chain, applying genetic sampling to classify species, origin, and identify pesticides and exposure to any chemicals leading to the authentication of the coffee.