Egypt’s Central Bank says it will not allow cryptocurrency

According to www.dailynewsegypt.com, the Central Bank of Egypt (CBE) has said that it has no intention of passing a law or issuing legislation to allow the trade of cryptocurrencies in the country.

The Bank in a statement said that bitcoin is not officially recognised in financial and banking transactions and that making transactions using the virtual currency would be considered a crime.

Egyptian Financial Supervisory Authority (EFSA) has affirmed this adding that it will not issue any licenses for digital currency exchanges in Egypt. He also added that the authority has not received any requests to establish an exchange of digital currency.

Related; Central Bank of Kenya Issues Guidance Note on Cybersecurity

Kenya’s Central Bank in 2015 released an advisory regarding digital currencies like bitcoin, stating that they are not considered legal tender.

The central bank said then, “No entity is currently licensed to offer money remittance services and products in Kenya using virtual currency such as bitcoin. CBK reiterates that bitcoin and similar products are not legal tender nor are they regulated in Kenya. The public should therefore desist from transacting in bitcoin and similar products.”

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