The Central Bank of Egypt (CBE) has warned the perpetrators of its cryptocurrency rule of impending detention if indicted.
CBE law bans any issuance process, publicity, and transaction in cryptocurrency.
According to CBE legislation, “prohibits issuing, trading, or promoting cryptocurrencies, creating or operating platforms for trading it, or carrying out related activities.”
The CBE acknowledged the high irregularity of cryptocurrencies, e-piracy for its stand against cryptocurrencies.
Also, the Law of the central bank of Egypt promulgated by Law No. 194 of 2020 — prohibits issuing, trading, or promoting cryptocurrencies, creating or operating platforms for trading it, or carrying out related activities”.
“Cryptocurrencies are not funded by any actual investments and are not supervised by any worldwide controller, and consequently, they lack the official governmental guarantee and support enjoyed by the other official currencies issued by central banks,”
CBE announced that:“Whoever violates this shall be imprisoned, and fined no less than one million pounds and no more than LE10 million [$516,340], or one of these two penalties.”
In Egypt, cryptocurrencies related transactions are prohibited by the central bank or any administrator central issuing authority.
In 2018 Egypt’s Dar El-Ifta, a department of the country’s ministry of justice forbids cryptocurrency trading.
Dar El- lfta cited money laundering and terrorism financing for the ban.
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