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Egypt lifts total ban on cryptocurrencies: License to be obtained

Egypt lifts total ban on cryptocurrencies: License to be obtained

Egypt may become less stringent with cryptocurrencies after they were banned under Islamic law in early 2018. According to a local media outlet’s report on May 28, 2019, a draft bill is being proposed and it will only ban the creation, promotion, and trade of cryptocurrency if a license is not obtained. In other news, Cheeze Wizards, the latest Ethereum-based game attracted almost $200,000 in the first week of being unveiled.

Egypt Gradually Warms Up to Cryptocurrency

The latest news from the stables of Egypt reveals that the nation may be gradually warming up to cryptocurrency after Shawki Allam, the current Grand Mufti of Egypt banned the asset class in January 2018. According to Allam, at the time, the anonymity of crypto transactions could undermine the legal system by posing problems such as money laundering, tax invasion, and other fraudulent activities.

However, a source revealed that a draft bill is currently taking shape and it is targeted at banning the creation, promotion, trade, and issuing of cryptocurrencies without obtaining a license in advance. To that effect, the Board of Directors of the Central Bank of Egypt (CBE) will oversee the regulation of the crypto space through the use of new banking law.

Furthermore, the new law gives legal authority for the electronic authentication of bank transactions, electronic settlement of checks, electronic payment orders, electronic discount orders, amongst others if only Board of Directors of CBE issue rules that will help in their regulation.

Development in Blockchain and Adoption in Countries Piques Egypt’s Interest in Crypto

Egypt’s change of heart can be closely linked to the development in the blockchain space and the adoption of cryptocurrency by neighboring countries such as Dubai. Similarly, there has been a growth in financial technology (fintech) in the country and as the media has outlined, the new draft law has given a great deal of importance to fintech.

The report also stated that:

“Keeping pace with major developments in the banking industry in the world and enhancing the use of modern technology in the provision of financial and banking services.”

Layla Harding

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