The Central Bank of Egypt (CBE) has renewed its warning against dealing in any type of cryptocurrency through regional or international platforms.
In a statement on Tuesday, the CBE said that virtual currencies are not issued by the Central Bank or any official authority, so they are not considered legal tender.
The CBE warned that the Central Bank and Banking System Law prohibit issuing cryptocurrencies or trading in them.
Since 2017, the CBE has been warning against dealing in all types of cryptocurrencies, including bitcoin. Egyptian security authorities have arrested dozens of cryptocurrency traders for mining cryptocurrencies illegally.
In January 2018, Egypt’s Dar El-Ifta – which is responsible for issuing religious edicts – issued an edict banning the trade in cryptocurrencies.
According to Dar El-Ifta, “virtual currencies” are not permissible as they are not considered by legitimate bodies as an “acceptable interface of exchange.”
A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.
