Egypt has previously unbanned all encrypted digital currency transactions such as the creation, trading or promotion of crypto in the country. The ban was issued in early 2018, to prevent tax evasion, money laundering, and other fraudulent activities. But today, as the market expands and many neighboring countries enter the new technology, the government of Egypt has begun to ease its stance against the crypto. According to Egypt Independent’s report, the new project will give the board of directors of the Central Bank of Egypt the right to organize the crypto companies and the digital currency market and demand multiple licenses for doing business.
“The new law provides the legal authorities with the right to authenticate electronic banking transactions, electronic payment orders, transfer orders and electronic settlement, provided that the board of directors of the Central Bank of Egypt issued rules and procedures governing these operations.”
It should be noted that Egypt discussed the process of codifying currency currencies for years before this step, and so far not all the details have been published to the public.