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Monday, 20 September 2021

Egypt warns citizens against trading in bitcoins

MENA , Wednesday 26 May 2021
File Photo: A collection of virtual currency bitcoin tokens are displayed in this picture illustration taken on Dec. 8, 2017. REUTERS

The Egyptian Financial Supervisory Authority (EFSA) has warned citizens against trading in bitcoins or taking part in any bitcoin subscription operations aiming at collecting money from citizens.

In a statement Wednesday, EFSA warned that trading in bitcoin constitutes trickery to the official monetary system and its regulations.

It added that it did not give permissions to any quarter to legalize the use of such coins, pointing out that a call by some investors to deal with such coins to make profits is part of deception which is punishable by law.

It added that the Egyptian stock exchange and the bourse of small and medium enterprises known as Nile bourse are the only legal markets for securities transaction.

It appealed to investors not to trade in illegal coins in order to protect their investments and not to fall prey to hackers

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