Recounting Ethiopia’s Bitcoin Developments in 2022

OpinionReviewing selected developments from Ethiopia in the past year shows that Bitcoin is on the rise. The 54 African countries are more ready for Bitcoin than any other continent, with a younger population. They also have a growing number of advocates, developers, and educators. As we look to the future of sovereign money, particularly in the areas that can benefit the most, it is helpful to review some highlights from Ethiopia. This country has a large population that is younger than many other continents. Prime Minister of Ethiopia Abiy Ahmed encouraged institutional bankers in Ethiopia to explore innovative technologies “like cryptocurrency.” Abiy Ahmed, the prime minister of Ethiopia, encouraged the country’s institutional bankers to research innovative technologies “like cryptocurrencies.” These classes were inspired in part by books by Bitcoin-focused authors such as Jimmy Song, Andreas Antonopoulos, and Saifedean Ammous. Project Mano published an open letter addressed to Samson Mow of Jan3. Amharic Edition published data from Financial Security Services that suggests many people in Ethiopia are “benefitting from bitcoin.” Bloomberg published “Dollar squeeze, Accelerating inflation pumpmel Ethiopian currency” on black market demand for U.S. dollars and dollar-denominated imported goods. The National Bank of Ethiopia (NBE), made comments about cryptocurrencies. In response to the rapid adoption of bitcoin in Ethiopia and Greater Africa, the National Bank of Ethiopia (NBE) made comments. The Reporter Ethiopia published “Property Craze Causes Economy to Sputter” about how the central bank exchange rate was 52.5 Birr to $1 (but black markets rates have risen above 90 birr). Yinager Dessie (guvernor of the National Bank of Ethiopia) stated that 391 bank accounts of individuals in the country had been frozen. Bitcoin Magazine reported the news on episode 178. The show covered the story in its live broadcast. India also hosted a Bitcoin meetup, where more than a dozen people shared sats (fractional bitcoin amounts) with the group. Obi Nwosu from Fedi spoke about Ethiopia and energy production at “Emerging Markets And Bitcoin”, a panel at Bitcoin Amsterdam 2022. Bloomberg reported that Ethiopia has begun exporting electricity to neighboring Kenya. This was due to news that Ethiopian Electric Power, a government-owned company, had tested a new transmission line. Bitnob and Strike announced a partnership that will allow for more remittances services in Nigeria, Kenya, and Ghana to be used in Bitcoin’s Lightning Network. Gridless raised $2million from Stillmark and Block, Inc. in order to finance bitcoin mining efforts across East Africa. I am optimistic as we move into 2023. Bitcoin is a powerful tool unlike any money that the world has ever seen. As with any powerful tool, it is important to exercise caution and take responsibility. Keep your head down, stack sats, and have a wonderful new year! This guest post is by Kal Kassa. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.Tagsterms:EthiopiaAdoptionEoy 2022Africa

 

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