Egyptian Central Bank Bans cryptocurrency trade and platforms

 According to a recent news piece from MENA news Agency, a new banking law to be issued by the Central Bank of Egypt will ban the promotion, operation, trading or issuance of encrypted currency or cryptocurrency who are not licensed in advance.

The draft bill grants the Board of Directors of CBE ( Central Bank of Egypt) the right to issue rules governing the trading and dealing of this type of currency, an official source with CBE said in statements to MENA news agency this week.

The new draft law has allocated great importance to financial technology, 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, the source said.

He added that the new law provides 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, provided that Board of Directors of CBE issue rules and procedures regulating all the aforementioned actions.

The source pointed out that these electronic means have the same authenticity as original papers if they meet the technical criteria determined by the Board of Directors of CBE.