The Egyptian central bank has no intention of conducting digital money trading legislation


nnnThe Egyptian central bank said there was no plan to develop digital currency regulations, nor would it consider the circulation and trading of Bitcoin. However, Bitcoin Egypt will be established as Egypt’s first Bitcoin Exchange at the end of this month.n
nnTranslation: Annie_Xun
nThe Egyptian central bank said in a statement Wednesday that it did not intend to push legislation or pass special laws to allow digital currency transactions such as Bitcoin.n
nThe statement said that the encrypted currency did not receive financial and banking recognition.n
nn”So far, there is no virtual currency laws and regulations to allow electronic money to flow in Egypt.”n
nnBitcoin Egypt founder said that Egypt’s first Bitcoin Exchange will operate at the end of this month to link the most densely populated countries in the Middle East with the latest price-rising currency.n
nThe central bank to respond a few hours before the large number of media reports Bitcoin Egypt may be formally established at the end of August.n
nReuters reported that many governments around the world are still considering how to regulate and divide Bitcoin, a volatile currency that has sparked global speculators’ interest after the soaring price, and prices have quadrupled in early 2017 The transaction price is about $ 4,400.n
nEarlier this month, Bitcoin Egypt founder Rami Khalil told Reuters, “We are still waiting for the Egyptian government to enact laws and regulations. Without any law, Bitcoin can not become Egypt’s legal currency.”n
nIn June, the Egyptian central bank issued a formal statement rumor that it was not exploring the digital currency such as Bitcoin, nor did it consider allowing it to circulate and trade in the banking sector.n
n”For the stability of the Egyptian banking system, the bank only touches the official currency and will not touch the virtual currency,” said Gamal Negm, vice president.n

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