Egyptian Central bank has announced that it is currently studying the implementation of CBDC (Central Bank Digital Currency) which should offer a safer and more secure replacement to current cryptocurrencies and the risks associated with them while making use of digital economy. The Egyptian Central Bank in its 2021 financial stability report stated that it had created an internal and external committee which includes representatives from different Ministerial entities headed by the governor of the Central Bank to study the implementation of CBDCs in Egypt. It also noted that it is working with external counterparts to study the potential risks and benefits of CBDC implementations.  Cryptocurrency trading in Egypt is still not regulated and the Central Bank of Egypt has on several occasions mentioned the risk involved in dealing with cryptocurrencies and the fact that it is illegal in the country to do so. In September, the central bank of Egypt reiterated its warnin...

  The central bank of Egypt has once again reiterated its warning against dealing in any types of cryptocurrencies, saying that crypto is risky, highly volatile, and is used in financial crimes and e-piracy. In the Egypt independent article , the Central Bank of Egypt will fine anyone who violates the Law No 194 of 2020 which prohibits issuing, trading, promoting cryptocurrencies, operating crypto exchanges or any other related activities. The Central Bank will fine violators up to $516,000 ( 10 million LE) or face imprisonment. The CBE statement reads, “Whoever violates this shall be imprisoned, and fined no less than one million pounds and no more than LE10 million ($516,340), or one of these two penalties.” The Egyptian central bank issued a similar warning about cryptocurrencies in January 2018, specifically naming Bitcoin. At that time the Central Bank had noted, “Cryptocurrencies are not backed by any tangible assets and are not supervised by any regulators worldwide, a...