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The Central Bank of Egypt clarified that by following the movement of cryptocurrency trading through some of the international and regional platforms that have been promoting it in a remarkable way in the recent period, the Central Bank of Egypt has issued warnings against dealing with all kinds of virtual cryptocurrencies, as they cause great risks such as fluctuation in the value of the inventory. It is widely used in electronic piracy and financial crimes, as it is not issued by the Central Bank of Egypt or issued by any official central authority. Therefore, this currency lacks any guarantees that protect its stability and protect the right of the dealer with it.
The most important law of the Central Bank of Egypt
At the same time, the Banking System Law and the Central Bank of Egypt Law – which issued Law No. 194 of 2020 – warned that issuing, trading, promoting, creating or operating cryptocurrencies with platforms for trading or conducting activities related to them, and the law punishes those who violate this. By paying a fine not less than one million pounds and not exceeding ten million pounds, and carrying out the penalty of imprisonment as well.
In this context, the Central Bank of Egypt emphasized that the transaction in the Arab Republic of Egypt is restricted to any official currencies approved by the Central Bank of Egypt.
Warnings from the Central Bank of Egypt
These warnings about cryptocurrency trading have created various resulting effects on social media, as some people considered it an important decision in order to preserve the Egyptian economy from fraud and fraud, such as money laundering and money smuggling, and the opinion of others that the issuance of that decision would lead to an increase Remittances of Egyptians abroad for cryptocurrency are unknown, taxes or value.
Statement from the Central Bank of Egypt
Social media traders had reactions after the Central Bank of Egypt issued the news that it had warned against these currencies and called it the phenomenon of cryptocurrency trading by some of the international and regional platforms that have been significantly promoted locally during the last period.