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.
The COVID-19 pandemic has highlighted the necessity for the digitalization and sustainable development of African economies.
Africa’s solarized digitalization agenda in the time of coronavirus
People continue to turn to Bitcoin and other cryptocurrencies to boost their profits even amid a pandemic.
Bitcoin use rise in Egypt amid economic recession
Numerous emerging crypto markets are showing dramatic growth in P2P trade, with India and Ghana producing enormous growth during 2020.
India Leads P2P Volume Records Among Emerging Markets
Crypto adoption appears to be growing across the continent of Africa.
Africa Is Experiencing a Crypto Renaissance
The National Bank of Egypt has signed a cooperation agreement with Ripple to establish new channels for inward remittances.
Egyptian National Bank Turns to Blockchain to Boost Remittance Business
Skepticism to crypto in Islamic countries is not a pure rejection, but a result of uncertainty, according to an Islamic finance expert.
Islamic Finance Expert: ‘Halal Coin’ a Matter of Time and Awareness
The Egyptian government is ready to overcome years of uncertainty on crypto, with new laws reportedly coming by the end of 2019.
Egypt Lays Out Path for a Crypto Future With Draft Law