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Central Bank Of Egypt Set To Ban Cryptocurrency And Encrypted Currency Trading Without Legal License

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Central Bank of Egypt (CBE) creates a new law banning the promotion or operation of platforms for issuing or trading encrypted currency or cryptocurrency without obtaining the needed legal licenses from authorities, reported Egypt Independent.

The draft bills grants the CBE to issue guidelines governing the trading and dealing on encrypted currency and cryptocurrency according to a statement from MENA news agency on Tuesday.

The new draft hinged on the importance of financial technology. It focuses on putting up guidelines in other to protect the banking industry towards the adoption of the modern technologies in the provision of banking and financial services.

It has also empowered CBE with a legal authority for the electronic authentication of bank transactions, electronic payment orders, and transfer orders as well as for the electronic settlement of checks and the issuance and circulation of electronic checks and electronic discount orders.

It was noted that the electronic means have the same authenticity as the original papers once they might the technical criteria provided by the Board of Directors of CBE.

CBE has previously stood a negative stance towards cryptocurrency trading and any cryptocurrency related activities. Stressing that the country has no laws governing this and as such will not be favourable to anyone doing so.

” So far there is no legislation or law on virtual currencies that allows electronic circulation in Egypt,”

Some weeks after the statement came the issue of guidelines and license to regulate cryptocurrency trading or any crypto related activities.

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