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Egypt prepares to launch a CBDC by 2030

By Nsikanabasi Edet Jan16,2024 #cbdc #Egypt
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As per an economic expert from Egypt, a central bank-issued digital currency is considered more secure compared to privately issued cryptocurrencies.

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According to reports, Egypt is planning to issue a Central Bank Digital Currency (CBDC), known as the electronic pound, by 2030.

A research report commissioned by the Egyptian Council of Ministers’ Information and Decision Support Center details the North African country’s CBDC objectives. 

The e-pound is expected to boost the competitiveness of Egypt’s national currency and enhance the efficiency of monetary policy.

Read Also: Kenya’s Central Bank Says It May Not Be A Strong Priority To Launch A Central Bank Digital Currency CBDC.

More Details of the North African country’s CBDC goals are explained in an official report called “Document on the Most Important Strategic Directions of the Egyptian Economy for the New Presidential Period (2024-2030),” the document identifies policies that are critical for the Egyptian economy over the next six years.

The document, a structured plan for the Egyptian economy growth has also urged the Egyptian monetary authorities to continue their work on developing the financial sector. The goal is to assist Egypt in attaining complete financial inclusion by the year 2030.

Meanwhile, Sayed Khedr, an Egyptian economic expert, compares an officially issued digital currency to privately listed coins like bitcoin and opines that officially issued digital currencies are safer alternatives.

“We do not know who invented Bitcoin, so the safety rate is low. On the contrary, if digital currencies are officially implemented by the central bank, the security rate will be higher,” He said.

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