THE CENTRAL BANK OF EGYPT IS STUDYING THE POSSIBILITY OF LAUNCHING AN EGYPTIAN CRYPTO POUND

The local media portal Amwal Al Ghad reported that the Egyptian Bank, together with a number of foreign research institutions, is studying the risks and benefits of introducing  the digital version of national currency — the Egyptian pound, which will be designed to reduce budget costs and increase the transparency of calculations.

Deputy Chairman of the Central Bank of Egypt, Ayman Hussein noted that now the regulator is preparing a “feasibility study” of this measure.

Officials believe that the use of blockchain-based digital currency can help to reduce transaction costs to a minimum, compared to coins and banknotes.

Several international institutions are involved in the study of the Central Bank, added the portal. However, the publication did not specify for what purposes it is supposed to use the digital Egyptian pound — only for settlements between banks, or for individual users.

At the same time, the Egyptian Central Bank stressed that the country has no “rules or laws” that would “allow” to conduct operations with cryptocurrencies in the country.