The Central Bank of Egypt (CBE) stressed the importance of adhering to the banking system law, issued in 2020, which prohibits the issuance of cryptocurrencies, trading in them, establishing or operating platforms for their trading.
This came within the framework of following the news circulating about cryptocurrency such as the "Bitcoin".
The central Bank affirmed that dealing in Egypt is limited to the official currencies approved by the Bank only, calling on dealers in the market to be very careful and not to engage in high-risk informal currencies.
"There is a high risk associated in dealing with these currencies, where it is dominated by instability and extreme volatility in the value of its prices. This is a result of the uncontrolled global speculation, which makes investing in it risky, bringing up the possibility of a sudden loss of its value ,as it's not issued from any central bank or any official authority," the bank said in a statement.
In addition to not having tangible physical assets, and not being subject to the supervision of any regulator; consequently, cryptocurrencies lack the guarantee and official government support enjoyed by official currencies issued by central banks.
it is noteworthy that one bitcoin recorded EGP 869,393 on Sunday's trading.
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