Egypt’s central bank is reviewing the introduction of block-based digital currencies based on the Egyptian pound (EGP), a legal currency, to cut costs.
Ayman Hussein, Vice President of the Central Bank of Egypt, said he was at a meeting in Abu Dhabi recently and is conducting an investigation into the feasibility of digital currency adoption. The Egyptian government has said that it can minimize the cost of issuing and trading coins and bills by introducing block – chained digital currencies as legal currencies. Hussein says he is working with a multitude of international organizations to investigate, but local media do not disclose the institution’s name, saying it did not mention whether the currency expected to be introduced is between banks or between banks and customers.
Egypt has been cautious about digital calls such as bitcoins. I have been warned since the first cipher exchange opened in August last year. However, in August this year, the Central Bank of Egypt began to change its rules to allow digital currency transactions. For more information, please click here .