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Author Topic: [2017-07-18] Egyptian Central Bank: No To Bitcoin Adoption Rumor  (Read 3167 times)
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July 18, 2017, 01:08:59 PM

The deputy governor of the Egypt’s central bank has squashed speculation of the Egyptian banks handling or dealing with bitcoin or other cryptocurrencies.

Catching fire across social media, the rumors suggested that the Central Bank of Egypt (CBE) was considering the possibility of allowing banks across the country to recognize and handle digital currencies like bitcoin. However, CBE deputy governor Lobna Helal has denied the speculation and subsequent reports.

The officials’ statements come at a time where a number of countries around the world are trying to determine legal and regulatory frameworks for state-averse, decentralized digital currencies. Japan is a notable example of a country proactively introducing legislation to acknowledge and deem digital currencies like bitcoin as a legal method of payment. Philippine’s central bank also issued regulations for bitcoin exchanges earlier this year, a move which fundamentally recognizes and legalizes bitcoin activity in the country.

Also noteworthy is Russia, which has – in the space of a year – changed stances from proposing imprisonment for bitcoin adopters to publicly talk about regulating and legalizing bitcoin and other digital currencies. India, a country rapidly switching over to cashless payments, is also contemplating a legal framework for digital currencies. If recognized and regulated, bitcoin and other digital currencies will gain further momentum in adoption among a population of over a billion people.

Full Article Here.

This could have been another good news for Bitcoin had the Central Bank of Egypt is giving an inkling as to the possible recognition of Bitcoin even for tax purposes in the said country. Right now, there are some Middle East countries which allowed its citizens to invest in cryptocurrencies but a country that can openly legalized Bitcoin could be a big news.

Anyway, this is not the end of the road for Bitcoin as there is no outright ban and maybe it is still possible to hold some Bitcoin though not as openly way as possible. We are still hoping that in the future Egypt will reconsider its stance on Bitcoin when they realized of the many benefits that the blockchain technology can be bringing to the country's financial sector.

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