Markets News
Bitcoin is proving its value as an inflation hedge and store of value by hitting repeat all-time highs in multiple currencies.
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Egypt News
Egypt, officially the Arab Republic of Egypt, is a country located in the northeast corner of Africa and the southwest corner of Asia. Egypt has an area of one million square kilometers and a population of over 97 million people. Egypt has a stable mixed economy that suffered greatly from the revolution of 2011. Egypt’s main export goods are petroleum products, textiles, chemicals and agricultural goods. The most important trading partners of Egypt are the United Arab Emirates, Saudi Arabia, Italy, Turkey, the United States and the United Kingdom. There are no specific laws covering Bitcoin in Egypt. However, it is illegal to trade Bitcoin in Egypt and further cryptocurrency regulations may appear soon. Egyptian authorities have banned Bitcoin, as it is not covered by financial control laws. The technology of blockchain in Egypt is developing, with several startups, and is covered in IT media. Business incubators are working on blockchain products and aim to get them on the international level.
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The new all-time highs come despite Bitcoin still being down over 50% against its price peak of $69,000 against the U.S. dollar.
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“The Global South is where we should be looking” for Bitcoin adoption, Paxful CEO Ray Youssef told Cointelegraph in an interview at the gym.
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From institutional crypto usage in the United Arab Emirates to remittance payments in the Egyptian market, the last year revealed major growth for crypto in the MENA region.
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Project reps say the platform has transferred more than 1,100,000 actual trade and finance documents for over 75,000 customers since its implementation.
3619 - Expert Take
The COVID-19 pandemic has highlighted the necessity for the digitalization and sustainable development of African economies.
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People continue to turn to Bitcoin and other cryptocurrencies to boost their profits even amid a pandemic.
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Numerous emerging crypto markets are showing dramatic growth in P2P trade, with India and Ghana producing enormous growth during 2020.
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Crypto adoption appears to be growing across the continent of Africa.
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The National Bank of Egypt has signed a cooperation agreement with Ripple to establish new channels for inward remittances.
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Skepticism to crypto in Islamic countries is not a pure rejection, but a result of uncertainty, according to an Islamic finance expert.
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The Egyptian government is ready to overcome years of uncertainty on crypto, with new laws reportedly coming by the end of 2019.
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A new draft banking law will make it mandatory to obtain licenses in advance of operating platforms for issuing or trading crypto.
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A sub-governor from the central bank of Egypt has said the entity is looking into issuing a blockchain-based digital currency.
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Bitcoin and blockchain tech are ripe for mainstream adoption in Africa, where the population is well positioned to embrace the innovative technologies.
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