A sub-governor from the central bank of Egypt has said the entity is looking into issuing a blockchain-based digital currency.
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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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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A study has shown that Egyptian Internet user traffic is being manipulated by gov’t-linked entities to redirect users to crypto mining sites and ads.
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