The Egyptian government has renewed their hardline stance against cryptocurrencies after rumors had begun to resurface about banks in the country being allowed to handle them.

The government stated,

“For the stability of the Egyptian banking system, the banks deal with the official currencies only, and never deal with any virtual currencies.”

The hardline statement closes any possibility in the near future that the government will change their stance on the burgeoning cryptocurrency market.

Other countries have recently voiced support over cryptocurrencies in differing market places, and many investors and hedge fund managers have already expressed a belief that the market will continue to maintain a strong base of value, though most of the investor level buyers are seeking greater government regulation for protection.


Egypt’s political instability and financial struggles have been called into question lately after a substantial rise in terrorist activity. The risk of terror groups using anonymous funds has made the government leery of embracing them and surely have contributed to the “never” approach.

Other countries have warned against the presumed dangers of cryptocurrencies as well.