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, and c