Egypt’s Central Bank Conducting ‘Feasibility Studies’ Around Digital Currency Issuance. However, the central bank of Egypt wants to introduce a digital version of the Egyptian pound to reduce costs.
Subsequently, Ayman Hussein, sub-governor of the Central Bank of Egypt (CBE), told that “feasibility studies” were currently ongoing.
Additionally, Egypt believes a blockchain-based digital version of its fiat currency can help keep issuance. Also, transaction costs to a minimum compared to coins and banknotes, Amwal Al Ghad notes.
The move is one step in the journey to a cashless society.
“Egypt’s Central Bank Conducting ‘Feasibility Studies’ Around Digital Currency Issuance. Sources reported Hussein as saying, “without disclosing names or specifying whether the anticipated currency would be traded for banks.”
Egypt has traditionally taken a highly risk-averse stance to decentralized cryptocurrencies such as Bitcoin (BTC), stepping up its public rhetoric since the country’s first crypto exchange launched in August 2017.
At the time, however, CBE reacted saying there was no “legislation or law” in force “allowing” such activities to take place, the sources reported. In January this year, the country’s top cleric meanwhile added to the anti-crypto stance, declaring Bitcoin trading forbidden in Islam.
The Turkish government has also warned over the incompatibility of Bitcoin trading and Islam.