Best Bitcoin Exchange for Egypt

In addition to the historical pyramids, Egypt also has strict financial regulations that make it difficult for crypto currency companies to do business in the country. As one of the country’s leading tourist destinations, millions of tourists visit the area, and it would be great if the country allowed them to pay for goods and services in various crypto currencies.

The Egyptian government seems to have stopped monitoring the crypto currency trend, especially Bitcoin’s current bullrun price increase of more than 70% in the last two weeks. The government’s financial regulator has relaxed its restrictions on crypto currencies and is currently lifting the ban that made it impossible for people to trade or use crypto currencies in the country.

Licensed crypto currency companies can do business in Egypt

A verified source from the Middle East New Agency has revealed that a law banning trade, creation and advertising of unlicensed crypto currencies is on the horizon. Previously, the country had banned all cryptos under the existing Islamic law.

The ban was announced by Shawki Allam, the current Egyptian Grand Mufti, in 2018. Announcing the ban, Shawki said that the blockchain technology used to operate cryptos may undermine the existing legal framework by encouraging money laundering, tax evasion and other fraudulent activities. The Grand Mufti also expressed concerns about crypto currency fraud and price fluctuations.

Egypt legalises crypto currencies

One of the factors that is motivating Egypt to lift the ban and allow approved crypto currency companies to operate in the country is the fact that the crypto market has continued to grow despite the many challenges the country faces.

Neighbouring countries have also begun to use blockchain technology and governments have weakened their attitude to crypto currencies. According to an article from Egypt Independent, the proposed bill will give the Governing Board of the Central Bank of Egypt (CBE) the ability to monitor and regulate crypto currencies in the country. The Board can also regulate several potentially expensive licenses that allow crypto currency transactions to operate.

Part of the bill is as follows:

“The new law provides for a legal authority to electronically authenticate bank transactions, electronic payment orders and transfer orders, to electronically process cheques and to issue and circulate electronic cheques and electronic discount orders, provided that the CBE Board of Directors adopts rules and procedures governing all the above measures. “

In particular, this is not the first time Egypt has considered the legalization of crypto currencies. At the time of writing, the draft law is not yet publicly available. However, you can rest assured that we will keep you up to date on this and other issues New Crypto Currency News.

Egypt on its way to its own crypto currency

In recent weeks it has become known that the Central Bank of Egypt is working on a draft law that would strengthen crypto currencies and could sooner or later pave the way for its own crypto currency. A step forward for the land of the pharaohs?

At the end of May it became known that the Egyptian central bank was working on a bill to make it possible in future to work with crypto currencies. This law would oblige credit institutions to obtain a licence as soon as they open, advertise or operate a crypto currency trading platform. These licences will be issued by the Central Bank Board.

Is Egypt on the way to its own crypto currency? In any case, the new law will open the country of the Pharaohs to the trade with digital coins. In the past, people were sometimes more, sometimes less sceptical about crypto currencies. However, with its foundation a few years ago, the Yellow service in the Middle East and North Africa made it possible for the first time to exchange Bitcoin for national currency – and thus also triggered discussions in Egypt.

Economy and citizens could benefit

It is obvious that the Egyptian economy could benefit from trading in crypto currencies. But citizens could also benefit from the introduction of the crypto currency in Egypt – or even their own digital currency.

Even when Yellow was founded, founder David El Achkar explained that only 10 percent of Egyptians had bank cards or accounts, which is why he could imagine the widespread use of Bitcoin or other crypto currencies. In fact, these became popular very quickly and many an expert is certain that Egyptian citizens even prefer to use the simple currency.

However, the road to the Egyptian crypto currency is still a long one, because while they have full confidence in the digital means of payment, others criticize that crypto currencies help terrorists to finance their activities. And crypto currencies have also been demonised for religious reasons.