Egypt’s CBE reiterates its warning against dealing and trading in Cryptocurrency

Egypt’s CBE reiterates its warning against dealing and trading in Cryptocurrency

Egypt’s CBE, The Central Bank of Egypt, issued a statement yesterday renewing its warning against dealing in any cryptocurrency through regional or international platforms. In the statement, CBE said that virtual currencies are not issued by them or any official authority, so they are not considered legal.

“In the same context, the Law of the Central Bank of Egypt and the Banking System – 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. Whoever violates this shall be imprisoned, and fined no less than one million pounds and no more than LE10 million, or one of these two penalties,” the statement read.

The CBE also warned that whoever engages in crypto trading, dealing, and promoting its exchange may be punished with a fine of up to LE10 million.

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