- Egypt’s Central Bank (CBE) issues a new warning for cryptocurrency activities.
- CBE’s revised law prohibits citizens from trading, promoting, issuing, and carrying out crypto-related activities.
- The law states that violators could be both imprisoned and fined for these activities.
Egypt’s Central Bank (CBE) issues a new warning for cryptocurrency activities. CBE’s revised law prohibits citizens from trading, promoting, issuing, and carrying out crypto-related activities. The law states that violators could be both imprisoned and fined for these activities.
The Central Bank of Egypt (CBE) issued a fresh warning to the crypto enthusiasts of the country against crypto-related activities. CBE revised the law revolving around cryptocurrencies.
The revised crypto law prohibits citizens from being involved in issuing, trading, promoting, operating, and carrying out any crypto-related activities. The Central Bank states unpredictable volatility, e-piracy, and financial crimes as some of the reasons that prompted it to revise the law.
CBE also stated that cryptocurrencies are not backed by any official authority or a central bank. The reports were first revealed by the Egypt Independent on Tuesday.
In the same context, the Law of the Central Bank of Egypt and the Banking System – promulgated by Law No. 194 of 2020—prohibits issuing, trading, or promoting cryptocurrencies, creating or operating platforms for trading it, or carrying out related activities.
The violators of this law will face imprisonment. In addition, they will also be charged with a fine of one million pounds and LE10 million ($516,340). CBE added in its statement that virtual currencies lack the information to ensure stability and also lack the protection of the rights of the dealers.
The religious edict-issuing body in Egypt known as Dar El-Ifta issued an injunction prohibiting the trading of cryptocurrencies in January 2018.
Virtual currencies are prohibited, according to Dar El-Ifta, since they are not regarded as an “acceptable interface of trade” by credible organizations.
This is a prime example of how certain countries view cryptocurrencies even when several countries are adopting and trying to regulate crypto.
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