The Central Bank Of Egypt Is Exploring Of National Digital Currency Issue

The government of Egypt is discussing plans to issue a national digital currency. As an anonymous source in the central bank told Al-monitor media, the initiative of the authorities is explained by the unwillingness to miss opportunities and positions in the financial sector.

In addition, the regulators hope that issuing their own digital currency will increase the coverage of financial services: now only 10% of residents have bank cards or an account with a credit institution.

Note, the government’s initiative will not affect the current ban on the circulation of digital money for individuals. However, according to the source, the board of directors of the central bank will be able to issue companies permits for certain operations with a new type of asset.

At the same time, experts suggest that the digital currency will not be in demand among investors, since its price will be formed by the government, and not by market factors.

Note, the final decision on the development of the Egyptian digital currency has not yet been made because of the many issues and doubts of the authorities regarding this type of asset.

Recall the Egyptian authorities began to draft a bill that will allow licensed cryptocurrency companies to operate in the country in May.

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