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Egypt Encourages E-Payment Systems Following New Cases of Coronavirus in the Country.

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Following the new cases of coronavirus recorded in Egypt, the Central Bank of Egypt has urged egyptians to limit their use of banknotes and to always use mobile phone wallets and other e-payments systems.

Egyptian banks were also instructed to apply temporary limits on daily withdrawals and deposits. Where the daily limit for individuals would be LE10,000 Egyptian pounds ($635) and LE50,000 pounds ($3157) for companies. 

Meanwhile, businesses are allowed to make withdrawal above the set limits where the money is to be used in paying employees.

Moreso, according to a statement from the central bank, the daily ATM withdrawals and deposits is now set to LE5,000 pounds.

All banks canceled the transaction fees for mobile phone wallets and other electronic payment methods for the citizens’ convenience, the CBE said.

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

Meanwhile, the country has recorded 40 new coronavirus cases on Saturday, bringing the total to 576 confirmed infections and 36 deaths.

Other Blockchain Activities in Egypt.

Egypt’s biggest and oldest bank, the National Bank of Egypt, is looking into an inward remittance with blockchain technology.

As a result, the bank has partnered with Ripple to utilize RippleNet, a blockchain powered payment network to offer less-cost and easier cross-border payments.

Also, Egypt lifted ban on cryptocurrencies around May, 2020. The bill, according to the Egypt Independent, gives the board of directors of the Central Bank of Egypt CBE) the right to regulate cryptocurrencies,  requiring crypto companies to use license.

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