Following the news of the first bitcoin exchange launching in Egypt, a senior official at the country’s central bank promptly issued a statement that no entities have been authorized to trade bitcoin. As the central bank reiterates the legal status of the digital currency, other government agencies also weigh in.
The CBE official said in his statement that the bank has no intention of issuing legislation or passing a special law that allows the trading of digital currency, including bitcoin. In addition, the cryptocurrency is not recognized in financial and banking transactions.
Source Here. It seems to me that this exchange would be facing an uphill battle with government authorities as the Central Bank of Egypt is not inclined to issue a permit to the said Bitcoin exchange. Maybe the people behind the exchange should try to open up communication with the people at the helm and convince them of the many opportunities that would be viable to the country once the exchange is open. Egypt is a good financial center in this side of the world and there is a big market for Bitcoin here considering that Middle East economies is really good despite the drop in oil prices.
