Banking & Finance Egypt issues warnings against dealing in virtual currencies By Pramod Kumar September 14, 2022, 5:34 AM Reuters/Dado Ruvic The Central Bank said that virtual currencies are not issued by it or any official authority, so they are not considered legal tender. Egypt’s central bank has reiterated its warning against dealing with cryptocurrencies through regional or global platforms, a local media outlet reported. The Central Bank of Egypt said that virtual currencies are not issued by the central bank or any official authority; therefore, they are not deemed legal tender, the newspaper said, citing a bank statement. The Central Bank and Banking System Law prohibit issuing cryptocurrencies or trading in them. The central bank has issued warnings against dealing with all types of cryptocurrencies. Authorities have reportedly arrested cryptocurrency traders for mining illegally. In January 2018, Egypt’s Islamic advisory body Dar El-Ifta said that virtual currencies are not permissible as they are not considered legitimate as an “acceptable interface of exchange.” Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
