Ethiopia has approved the importation of bitcoin for foreign use, according to an official news release.
The news release, issued on Thursday, said that the Ethiopian Securities and Exchange Commission has approved issuance of bitcoin, the digital currency, to foreign firms and individuals who wish to use the digital money in the country.
Bitcoin is a decentralized virtual currency, or cryptocurrency, that can be used to pay for goods and services.
It was created by an anonymous person in 2008.
Bitcoin was created as a way to facilitate instant payments through peer-to-peer networks.
Ethiopia has been on a rollercoaster ride of times.
In 2014, the country was rocked by an earthquake, and the country’s central bank cut its reserves by $7 billion.
The country’s economy is in recession, with unemployment at over 25% and the unemployment rate standing at 15%.
The bitcoin economy has flourished as foreign investors and entrepreneurs have flocked to the country, with investors and companies seeking to access the technology.
Ethias economy is currently ranked #19 in the world by the World Bank and #4 by Credit Suisse.
Ethnic Chinese people have also invested in bitcoin, but they have been mostly foreign investors.
The Bitcoin Investment Trust, which was founded in 2014, was the first venture fund in Ethiopia.