Egyptian police arrest a man for trading bitcoin on localbitcoin

[coinzat]

this is the guy account https://localbitcoins.com/accounts/profile/btc2okpay/

it seems that they contacted him on localbitcoin then they arrested him in the meeting

they released this statement about him
 (Google translate may help you if you want to follow the full story)
https://facebook.com/MoiEgy/albums/1101763136534015/

the post summary :

It's the official Facebook page for the Egyptian Ministry of Interior.

Basically the article says a 30 year-old Egyptian dentist, which it names as Ahmad A. H., was arrested for trading in foreign currencies. The security services contacted him on localbitcoin, and arranged an exchange of $13,900 for BTC at a rate of $570/btc. They met him in New Cairo and arrested him. He had $13,900 USD on him and a tablet, as well as pictures of various exchanges and deposits. The article concludes saying he confessed to the incident confirming that he was using the tablet and money to buy Bitcoin, and that he was put in front of the public prosecutor.

The article doesn't specify what the exact charge is, but it does mention trading in foreign currencies several times. Many of the comments refer to the government as ignorant or stupid, and asking where is the crime?

it seems that bitcoin is going to be illegal in Egypt soon !

[1714101278]

1714101278

[rorona_zoro]

remind me with this user.lol
https://bitcointalk.org/index.php?action=profile;u=177526

[longbob72]

Can't read a damn thing as it's in Egyptian language (Google translate doesn't help much.). Is there some other reason why the guy got arrested, or did they arrest him just because he's trading bitcoin?

[coinzat]

Can't read a damn thing as it's in Egyptian language (Google translate doesn't help much.). Is there some other reason why the guy got arrested, or did they arrest him just because he's trading bitcoin?

it is because he is reading bitcoin. there is no other reason.
the release summary is they explained what bitcoin is and how they caught him with $13900, a tablet and a cellphone

[Captimiz]

So, did he get arrested because bitcoins are illegal or because he was using bitcoins for money laundering/Tax Evasion.

Here I was thinking bitcoin was going towards global acceptance

[longbob72]

Can't read a damn thing as it's in Egyptian language (Google translate doesn't help much.). Is there some other reason why the guy got arrested, or did they arrest him just because he's trading bitcoin?

it is because he is reading bitcoin. there is no other reason.
the release summary is they explained what bitcoin is and how they caught him with $13900, a tablet and a cellphone

That's a shame. It's kind of a dick move arresting someone for trading bitcoin without first declaring it to be illegal, though.
Not an expert on law here, but I don't think they can do that. There should be a legit reason for them to arrest someone.

[TastyChillySauce00]

if he's really arrested for a bitcoin transaction there must be a regulation that makes bitcoin illegal unless he's doing criminal things such avoid the taxes,laundering money,or even cybercrime,but i never read a news that state egypt had make bitcoin illegal i guess

[VanDeinsberg12]

this is the guy account https://localbitcoins.com/accounts/profile/btc2okpay/

it seems that they contacted him on localbitcoin then they arrested him in the meeting

they released this statement about him
 (Google translate may help you if you want to follow the full story)
https://facebook.com/MoiEgy/albums/1101763136534015/

it seems that bitcoin is going to be illegal in Egypt soon !

You're right in Egypt, and something has a relationship with Bitcoin will become illegal activities. Sometimes ago, I've never heard the Egypt government give a statement if there will welcome to bitcoin or support bitcoin to enter their country.

https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country

I think not listed Egypt on the list. Because it's, i can make assume for this.

[Hazir]

I don't think he was arrested for trading bitcoin alone. Bitcoin is not even illegal in Egypt, and you can't be arested for something that potentiallycould be illegal in the future.
There must be some additional second bottom to this situation (maybe he was linked with terrorism somehow, potentially Al-Qaeda or ISIS?) We need more info about this case.

[mcb1221]

btc2okpay was a scammer , you can find many scam accusations against him: https://bitcointalk.org/index.php?topic=626733

Involved in money laundering , he was just using bitcoin as a means to swap currencies locally. Finally got caught.

Scam thread: https://bitcointalk.org/index.php?topic=626733

[MrBig]

It's the official Facebook page for the Egyptian Ministry of Interior.

Basically the article says a 30 year-old Egyptian dentist, which it names as Ahmad A. H., was arrested for trading in foreign currencies. The security services contacted him on localbitcoin, and arranged an exchange of $13,900 for BTC at a rate of $570/btc. They met him in New Cairo and arrested him. He had $13,900 USD on him and a tablet, as well as pictures of various exchanges and deposits. The article concludes saying he confessed to the incident confirming that he was using the tablet and money to buy Bitcoin, and that he was put in front of the public prosecutor.

The article doesn't specify what the exact charge is, but it does mention trading in foreign currencies several times. Many of the comments refer to the government as ignorant or stupid, and asking where is the crime?

[steven0021]

Someone that knows Arabic needs to translate it to make it more clear. Google translate is not exactly reliable (took me awhile to realize what "Alpetkoan" is).
This guy may have been arrested for other reasons like mcb1221 had said.

[sbtctalk]

Must be tax problems. Their government did not receive his income in the form of taxes?

[MrBig]

The demand for foreign currencies is very high in Egypt as people there are trying to hedge against the decline of the Egyptian pound. The banks can't keep up with the demand and black market exchangers charge more than the banks, further weakening the Egyptian pound. The Egyptian government is cracking down on everyone illegally exchanging foreign currencies at rates that differ from the governments official ones.

EDIT: I speak Arabic and can translate. The first paragraph gives a rough explanation of Bitcoin and mentions that it's use in Egypt has been increasing recently. The second and third paragraphs talk about the identity of the user and how he was lured. The article goes on to explain how he was nabbed and what he had on him; I already summarized it in my previous post.

[sbtctalk]

The demand for foreign currencies is very high in Egypt as people there are trying to hedge against the decline of the Egyptian pound. The banks can't keep up with the demand and black market exchangers charge more than the banks, further weakening the Egyptian pound. The Egyptian government is cracking down on everyone illegally exchanging foreign currencies at rates that differ from the governments official ones.

Oh dear. And the world thinks Egypt is a better place after Mubarak's regime.

[calkob]

I had never heard that bitcoin was illegal in Egypt.  Although in a country as corrupt as that they were never going to let the freedom that bitcoin provides ever take hold, but actually bitcoin will increase in Egypt now...... persecution usually has the opposite effect of stopping things

[BitcoinHodler]

Must be tax problems. Their government did not receive his income in the form of taxes?

yeah, this was the first thing that came to my mind also.
i don't think bitcoin is illegal there it must be either tax related because of conducting business or maybe he was doing some kind of illegal activity + money laundering .

[eternalgloom]

btc2okpay was a scammer , you can find many scam accusations against him: https://bitcointalk.org/index.php?topic=626733

Involved in money laundering , he was just using bitcoin as a means to swap currencies locally. Finally got caught.

Scam thread: https://bitcointalk.org/index.php?topic=626733

Then this is actually pretty positive news, good to see that the Egyptian police is able to catch scammers that operate on the internet.
Does someone have a decent translation of the entire article by any chance, or could someone check if there is any mention of scamming?

It's the official Facebook page for the Egyptian Ministry of Interior.

Basically the article says a 30 year-old Egyptian dentist, which it names as Ahmad A. H., was arrested for trading in foreign currencies. The security services contacted him on localbitcoin, and arranged an exchange of $13,900 for BTC at a rate of $570/btc. They met him in New Cairo and arrested him. He had $13,900 USD on him and a tablet, as well as pictures of various exchanges and deposits. The article concludes saying he confessed to the incident confirming that he was using the tablet and money to buy Bitcoin, and that he was put in front of the public prosecutor.

The article doesn't specify what the exact charge is, but it does mention trading in foreign currencies several times. Many of the comments refer to the government as ignorant or stupid, and asking where is the crime?

So trading in foreign currency was also an actual charge? If that's the case it's pretty weird that they can prosecute you for that... 

[crairezx20]

Maybe he is selling bitcoin bitcoin for not a provably fair price thats why he arrested or there's someone who reported that he selling bitcoin for not provably fair price..

[raphma]

did i undertood that right?
The guy was selling some bitcoins, the buyer(police) ask for a meeting and he goes?

If i were in localbitcoins selling some, i would never go to a meeting... the whole point of this is anonymity.