CBE renews warning of dealing with cryptocurrencies

 CAIRO - 13 September 2022: The Central Bank of Egypt (CBE) renewed its warning of dealing with all types of cryptocurrencies through regional and international platforms.

 

In a statement on Tuesday, the CBE said that virtual currencies are not issued by the Central Bank, or any official authority, so they are not considered legal tender.

 

The CBE warned that the Central Bank and Banking System Law promulgated by Law No. 194 of 2020 prohibits issuing cryptocurrencies or trading in them.

 

A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend.