Digital currencies

Trading Bitcoin in Egypt

Trading Bitcoin in Egypt is an illegal process, and also in many other Arab countries, it is illegal. Egypt’s Central Bank Act No. 194 contains  206, which prohibits the trading, creation, or promotion of digital currencies such as bitcoin without authorization. It is also prohibited to operate or establish platforms for trading or carrying out activities associated with such currencies.

Trading Bitcoin penalties in Egypt

The penalty for Trading Bitcoin, promoting, or creating cryptocurrencies, establishing or operating trading platforms, or carrying out related activities includes imprisonment and payment of a fine of more than 1 million pounds and not over 10 million pounds. In some cases, Central Bank Act No. 194, subject 206, prohibits their circulation or final treatment.

Why bitcoin trading is prevented ?

The Central Bank of Egypt has indicated that these cryptocurrencies have no tangible material assets and are not supervised by any regulator worldwide. Thus it lacks the formal government support and guarantees enjoyed by the official currencies issued by the central banks. In a statement, the Central Bank also noted the high risks involved in dealing with digital currencies. It is dominated by extreme volatility and instability in the value of its prices. This is the result of the uncontrolled global speculation in which it takes place. Which makes it very dangerous to invest in cryptocurrencies. It also warns of the possibility of a sudden loss of the value of those currencies. Not issued by any central bank or official central issuer.

Bitcoin’s Future in Egypt

The Central Bank of Egypt is investigating the possibility of issuing a digital currency to the Egyptian pound. Digital currency is likely to increase efficiency and security in financial transactions across countries and banks. Countries and central banks in every country in the world are moving towards adopting and allowing cryptocurrencies.

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