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Sunday, 16 May 2021

Egypt’s CBE warns banks' clients against using high-risk cryptocurrencies

CBE also emphasized that cryptocurrencies involve a high degree of risk, dominated by a wide fluctuation and instability in their price values

Doaa A.Moneim , Sunday 28 Mar 2021
CBE
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The Central Bank of Egypt (CBE) stressed that all financial transactions carried out within the Egyptian banking system are limited to the currencies that are officially accredited by the CBE, urging all banks’ clients to not use high-risk cryptocurrencies.

In a statement issued on Sunday, the CBE said that article no. 206 of the law no.194 for 2020, which governs the CBE and the activities of the Egyptian banking system, bans issuing, trading, and promoting cryptocurrencies, as well as prohibits establishing and operating online platforms that promote such currencies and partaking in activities related to them.

The CBE also emphasised that cryptocurrencies involve a high degree of risk, dominated by a wide fluctuation and instability in their price values.

It added that such currencies have no physical assets; they are not subjected to the supervision of a central authority and lack the official and governmental support that official currencies enjoy.

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