Financial institutions in Egypt can increase bitcoin popularity?
Government agencies and banks are stepping up efforts to control the people all over the world wealth. The invasive business threat to citizens, will focus on protectionism and anti money laundering operations. Recently, British Prime Minister DavidCameron also talked about the monitoring method contain people to evade tax. The problem in the growing worldwide, financial institutions are also active in austerity measures. Aerbalaka Bank of Egypt (AlBarakaBank) announced the SAS anti money laundering (AML) solution, and the launch of the platform in all branches.
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The process of making the public bank transfer of wealth becomes more and more complicated. This is why like bitcoin protocol can become more and more popular, as well as strong evidence of people use non bank means to avoid harsh policy.
Aerbalaka Bank of Egypt’s chief executive AdelMohammedAhmedElalem said: Aerbalaka bank funds can hope has been in government regulation, because they think the regulatory process is becoming a technical and professional. “In today’s regulatory environment both in local and international have become increasingly complex, which is a key factor in the implementation of SAS FATCA solutions. This solution can effectively enable us to meet the financial and regulatory complex requirements, including through automatic reporting directly to InternationalRevenueService, and make our streamline reporting procedures”. The bank and the SAS and DataGear cooperation, jointly implemented FACTA solutions.
In places like Egypt to the center of the bitcoin currency, these measures may be further implemented. LocalBitcoins and MyceliumLocalTrader are available, and Egypt also has many followers of digital currency.
埃及阿尔巴拉卡银行知道，该技术是在国内会日益活跃，并且还认为它需要用严格的金融监管制度来保护自己的利益。 Bank vice chairman said that the bank will actively implement the solution heat treatment, so that the new technology that better. It is the solution by the latest FACTA, the banks can more easily comply with local and international IRS regulatory requirements.
With the passage of time, more of the leaders and the bank will implement more strict supervision system of its citizens and businesses. Bitcoin allows users to control their wealth, and avoid the government regulation of financial entities. For those who want to avoid these measures of people, whether you are anywhere in Egypt and in the world, encrypted digital currency is a solution to solve the problem.