Egypt say "Yes" to crypto as they end crypto ban

01 Jun, 2019
by Fifi Arisandi
Regulation
Egypt say Yes to crypto as they end crypto ban

Egypt welcomes cryptocurrency as they declare Bitcoin as "halal" under Sharia laws. The new regulation revokes the ban to crypto, which has been enforced since 2018.

Another milestone for cryptocurrency and the supporters, especially in the middle east region as a new update has emerged from Egypt.

The country that previously barred all form of digital assets now declares Bitcoin as “halal”, which means it’s permissible under Sharia Law.

The report wrote,” The new draft law has allocated great importance to financial technology, keeping pace with major developments in the banking industry in the world and enhancing the use of modern technology in the provision of financial and banking services… The new law provides legal authority for the electronic authentication of bank transactions, electronic payment orders, and transfer orders as well as for the electronic settlement of checks and the issuance and circulation of electronic checks and electronic discount orders, provided the Board of Directors of CBE issue rules and procedures regulating all the aforementioned actions.”

The new regulation will allow crypto exchanges and businesses to operate in the country, although they’re required to apply for licenses prior to the operation, as reported by Live Bitcoin News.

The fears of volatility have lessened as Bitcoin has been showing a “strong performance” never seen before lately.

To recap, the Egyptian government has been enforcing the ban to cryptocurrency since 2018, primarily due to lack of trust with digital assets. Their highly volatile nature is said to be the main reason, as well as the negative stigma that they’re heavily related to money laundering and other related criminal activities.

One step at a time. One country at a time.

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