The Central Bank warns against dealing in all types of encrypted virtual currencies


The Central Bank of Egypt said that in light of its follow-up to the phenomenon of cryptocurrency trading through some regional and international platforms, which has been significantly promoted in recent times; The Central Bank of Egypt reiterates its warning against dealing in all types of encrypted virtual currencies, because of its high risks, including, but not limited to, the fluctuation of its value significantly, and its use in financial crimes and electronic piracy, in addition to that it is not issued by the Central Bank of Egypt or any authority An official central issue that can be referenced, and therefore it lacks any physical cover that guarantees the stability of the currency and the protection of the rights of its dealers.

In the same context, the Law of the Central Bank of Egypt and the Banking System – promulgated by Law No. 194 of 2020 – prohibited the issuance, trading, promotion of cryptocurrencies, the creation or operation of platforms for their trading or the implementation of activities related to them, and whoever violates this shall be punished by imprisonment and a fine of no less than One million pounds and not exceeding ten million pounds, or either of these two penalties.

In this context, the Central Bank of Egypt confirms that dealing within the Arab Republic of Egypt is limited to the official currencies approved by the Central Bank of Egypt only, and the Central Bank of Egypt calls upon dealers in the Egyptian market to be very careful, and not to engage in dealing with these high-risk currencies.

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