News From The Crypto Currencies Scene

Rumors Of Egyptian Banks Handling Bitcoin Dismissed By Egyptian Regulators

Rumors Of Egyptian Banks Handling Bitcoin Dismissed By Egyptian Regulators

The central bank of Egypt dismissed the rumors that banks were allowed in the country to handle cryptocurrencies like Bitcoin. The rumors first appeared on a social media website. The Central Bank acted quickly by alerting deputy governor Gamal Negm, who denied them.

Negm clarified to the Egyptian economics magazine, Amwal Al Ghad that the bank deals only with official currencies for the stability Egyptian banking system. It’s stiff on Egyptian soil for the digital currencies to pave way while more countries are laying some or other form of legal frameworks to establish any bit of stance towards the technology under local laws.

Japan is the only country to the date that has been early in adopting the new rules that establish Bitcoin as a kind of legal payment method, while countries like India and Russia are looking towards such frameworks implementations.

At present, the cryptocurrency market of Egypt is taken care of by the startups like BitOasis along with the local exchangers.

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