Egypt welcomes cryptocurrency , in accordance with the laws of Sharia law, Bitcoin (BTC) was declared "halal". The new decree lifts the ban on cryptocurrency, in force since 2018.
This is another important milestone for cryptocurrency and its supporters, especially in the Middle East region.
According to the report :
“The new bill attaches great importance to financial technologies in order to keep up with the main events in the global banking industry and expand the use of modern technologies to provide financial services …
The new law provides legal authority for electronic authentication of banking operations, electronic payment orders and transfer orders, as well as electronic settlement of checks and issuance and distribution of electronic checks … In this regard, the CBE Board of Directors issues rules and procedures governing all of the above actions. ” .
The new rules allow the work of cryptobirth and crypto companies, though they must apply for a license to operate.
Fears about Bitcoin volatility have declined, since the cryptocurrency demonstrates "good results", which have not been noted recently.
Recall that the Egyptian government imposed a ban on cryptocurrency in 2018, mainly due to the lack of confidence in digital assets. The reason was their extremely volatile nature, as well as a close relationship with money laundering and other criminal acts.
Publication date 06/02/2019
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