Egypt's Central Bank Plans to Issue its Own Cryptocurrency

As it became known, the Egyptian authorities decided to release their own altcoin, following the example of the UAE, which is actively working on the creation of a national cryptocurrency together with Saudi Arabia. Representatives of the Egyptian authorities explained this initiative by saying that they do not want to miss the opportunity and lag behind the other progressive world in the financial sector.

Hosny Hassan, a professor of finance at Benha University, believes that the rate of the Egyptian national coin will not depend on market factors, but will be entirely formed by the country's government, and accordingly, it will not be popular among investors.

Recall that a law that prohibits individuals from conducting transactions with cryptocurrencies has been in force in Egypt since 2018. By unconfirmed information, this ban will remain in force, but the Central Bank will be able to issue individual permits for operations with a national digital coin.