CBE (Central Bank of Egypt) ban against crypto

Going over the repercussions Egypt’s Government has set up to to stop Crypto from getting into the country

• “In the same context, the Law of the Central Bank of Egypt and the Banking System – promulgated by Law No. 194 of 2020 – prohibits issuing, trading, or promoting cryptocurrencies, creating or operating platforms for trading it, or carrying out related activities.
• Whoever violates this shall be imprisoned, and fined no less than one million pounds and no more than LE10 million, or one of these two penalties
• the Central Bank of Egypt renewed its warning against dealing with all types of encrypted virtual currencies, because of its high risks, including its significantly fluctuating value and its use in financial crimes and e-piracy, in addition to that it’s not issued by the Central Bank or any official central issuing authority that can be referred to, and therefore it lacks any material cover to ensure the stability of the currency and protect the rights of its dealers.

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