Egypt lifts ban on cryptocurrency ahead of regulatory review

Egypt has relaxed its rules and lifted a ban on cryptocurrencies and digital assets, according to local media outlet the Egypt Independent

Egypt has lifted its ban on cryptocurrencies one year after prohibiting digital assets under Islamic Law.

In 2018, Shawki Allam, the Grand Mufti of Egypt, issued a ban on cryptocurrencies due to concerns being raised over potential tax evasion, money laundering, and other cases of fraud.

Last April, Bitcoin was declared as being halal – which means permissible under Sharia Law – for a number of predominantly Muslim countries.

However, Egypt has remained firm on its ban until this week. The Central Bank of Egypt (CBE) has issued a new banking law that means cryptocurrency firms will be able to operate if they can obtain a necessary license in advance.

A report by the Egypt Independent reads: “The new draft law has allocated great importance to financial technology, keeping pace with major developments in the banking industry in the world and enhancing the use of modern technology in the provision of financial and banking services.”

Nations like the United Arab Emirates have been paving the way in terms of blockchain innovation over the past year. The upcoming World Blockchain Forum in 2020 will be held in Dubai and has previously featured the likes of Vitalik Buterin, Brock Pierce, John McAfee, and famous poker player Tony G.

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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