Has the Central Bank of Egypt Reportedly Issued Another Crypto Warning Prohibiting their Use?

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The Central Bank of Egypt (CBE) has reportedly issued a renewed warning against the issuance, trading, promoting, and operating in cryptocurrencies and other activities related to it following the global speculation in such currencies.

A few reputable Egyptian media outlets have reportedly published the warning which was shared with BitKE.

BitKE was able to track down the warning statement and authenticate it was indeed issued by CBE back in January 2018.

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SEE ALSOThere is High Demand for Bitcoin in Egypt, Says a Local Egyptian News Outlet

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The crypto warning statement points to Article 206 of the Central Bank and Banking System Law, which prohibits all activities related to cryptocurrencies, especially bitcoin.

According to Egyptian press, CBE indicated in a statement that cryptocurrencies are high risk due to their instability and exteme volatility due to uncontrolled global speculation making investing risky with the possibility of loss.

Part of the report from Daily News Egypt, a reputable media outlet, reads:

“The Central Bank pointed out that these currencies do not have tangible physical assets and are not subject to the supervision of any regulatory body worldwide. Consequently, it lacks the guarantee and official government support enjoyed by official currencies issued by central banks.

The Central Bank of Egypt emphasized that dealing in the Arab Republic of Egypt is limited to the official currencies approved by the Central Bank of Egypt only, and the Central Bank of Egypt calls on dealers in the Egyptian market to be very careful and not to engage in high-risk informal currencies.”

                        – Daily News Egypt

It is still unclear if this is a second crypto warning from CBE. BitKE is following up on the story and will continue to report on its developments.

In the meantime, you can download the statement here, also available on the CBE website.

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RECOMMENDED READINGThe Central Bank of Egypt Implements New Licenses for Cryptocurrency Business Issuance

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