According to Foresight News, the Ethiopian Council of Ministers has approved the draft CBDC launch announcement. The announcement establishes a legal framework for the introduction of digital currencies, allowing them to circulate alongside legal tender. The National Bank of Ethiopia (NBE) said the draft takes into account rapid technological advances and draws on the experience of other central banks.
In addition to the Central Bank Development Committee Announcement, the Council of Ministers also voted to open up the local banking sector to foreign competitors.