Following the news of the first bitcoin exchange launching in Egypt, a senior official at the country’s central bank promptly issued a statement that no entities have been authorized to trade bitcoin. As the central bank reiterates the legal status of the digital currency, other government agencies also weigh in.
The CBE official said in his statement that the bank has no intention of issuing legislation or passing a special law that allows the trading of digital currency, including bitcoin. In addition, the cryptocurrency is not recognized in financial and banking transactions.
In June, the CBE made an official statement denying the rumors that suggested it was exploring the use of digital currency such as bitcoin and was considering allowing its circulation and trading within the banking sector
Acting Chairman of the Egyptian Financial Supervisory Authority (FSA), Reda Abdel Moaty, said in a brief statement last week, that the authority has not issued any licenses for digital currency exchanges in Egypt.