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Is Egypt Finally Warming Up to Bitcoin?

Is Egypt Finally Warming Up to Bitcoin?
A new banking law has given the Central Bank of Egypt (CBE) the right to ban the establishment, promotion or operation of platforms issuing or trading cryptocurrencies without acquiring the required licenses. However, this move suggests that the country is softening its stance on bitcoin as it enables crypto startups to operate under an official license.
The New Banking Law
According to an unnamed official source that spoke to MENA news agency , CBE’s Board of Directors has the right to regulate cryptocurrencies and demand for multiple licenses under the new draft bill. The draft bill acknowledges the importance of financial technology, keeping pace with global banking changes, and leveraging modern technology to provide financial and banking services.
“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 said.
Furthermore, these electronic means will have the same authenticity as original papers as long as they meet the set technical criteria, the source stated.
The new draft bill is not yet available for public reading.
Is Egypt Warming Up to Crypto?
In 2018, Egypt’s Grand Mufti Shawki Allam banned cryptocurrencies based on Islamic law that declared these currencies as potential threats to the current financial system and risky due to scams and extreme price fluctuations. Moreover, he disregarded cryptocurrencies, such as bitcoin, because they can be issued and used without the control of any governing authority.
The new law could be a sign that the country is warming up to cryptocurrencies as crypto firms continue to penetrate the North African market and as the CBE considers issuing a digital currency .
How easy or difficult it will be for crypto startups to register for licenses remains to be seen. However, it does signal a willingness by Egyptian authorities to talk with the industry as opposed to outright ban it as has been the case previously.
The post Is Egypt Finally Warming Up to Bitcoin? appeared first on BitcoinAfrica.io .

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