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It was stated that the society should protect itself from unrecognized digital currencies

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The Financial Security Service urged the public to protect themselves from entities that operate to use unrecognized virtual assets or digital currency in Ethiopia.

It was also stated that the service is contributing to the process of identifying and taking action against those involved in the black market, which is causing great damage to the country.

In recent times, it has been observed that the circulation of virtual assets or digital currency is increasing worldwide.

The Financial Security Service has announced that individuals are involved as it is being implemented in a certain way in Ethiopia.

Director of Communication of the service, Ato Dizale Asefa, told ESA; Recently, the digital currency movement has been booming.

In particular, he pointed out the existence of online digital money transfers called ‘Bitcoin’ and ‘Cryptocurrency’.

He said that although the world is going digital, there is a need for laws to monitor and control these situations.

ESA reported that the public should be cautious for the time being until the legal conditions to control digital money movers are prepared.

In addition, he stated that doing this online is a crime because the business method called ‘pyramid’ is not allowed in the Ethiopian commercial law.

Recently, an unrecognized online money broker called ‘Fias 777’ has been carrying out the pyramid scheme and has led many people to lose money.

He mentioned that the service aims to make this work effective and is conducting a study to identify major jimes in cooperation with various bodies.

He said that this study, which can be completed next year, is primarily focused on preventing crimes that can cause great damage in relation to money.

At the same time, he pointed out that the service is also carrying out the work of holding accountable those who sell foreign currency in the black market.

He said that black market currency is one of the illegal money activities that cause great damage to the country.

He stated that the service is making the necessary information available to the police to hold accountable the parties involved in this and thus results are being achieved.