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Egypt’s New Banking Law bans cryptocurrency issuance without license

Egypt’s New Banking Law bans cryptocurrency issuance without license

The new Banking Law prohibits the establishment or operation of platforms for issuing or trading encrypted currency or electronic money or its promotion without obtaining the necessary licenses in advance, according to an official source.

The official source  at Central Bank of Egypt told Middle East News Agency that the new draft Law which is currently being concluded gave the board of directors of the CBE the right to issue rules of regulation and circulation and dealing with the type of currency and money.

He explained that the new draft law has given great importance to financial technology in line with the major developments in the banking industry in the world and to promote the use of modern technology in the provision of financial and banking services.Amwal Al Ghad

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