The Central Bank of Egypt has warned of what it has described as a phenomenon of cryptocurrency trading through some regional and international platforms that have been prominently promoted locally of late.
The Central Bank of Egypt said in a statement that it “reiterates its warning against transactions in all types of encrypted virtual currencies due to the high risks involved, including fluctuations in their value and their use in financial crime and electronic piracy.”
He stated that cryptocurrencies, until they are issued by the Central Bank of Egypt or some official central authority that can be referred to, “they do not have a physical cover that would guarantee the stability of the currency and protect the rights of dealers. “
Recently, the pace of promotion of cryptocurrency trading in Egypt has accelerated, and funding advertisements have appeared on social media in an attempt to increase investment in it.
According to the statement of the Central Bank, “The Law on Banks and the Banking System of 2020 prohibits the issuance, trading or promotion of cryptocurrencies, the creation or operation of platforms for their trading, or the conduct of activities related to this.”
Whoever violates the instructions of the Central Bank of Egypt shall be liable to imprisonment and a fine of not less than one million pounds and not more than ten million pounds, or one of the two penalties.
Source: El Iktisad
