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.

Recent Posts

Bitcoin is not a good option for criminals, says former CIA Director in a new report

Bitcoin is not really being used in money laundering operations. And considering the fact every transaction is recorded on the…

11 hours ago

“caged bull” Bitcoin breaks into a new all-time high of almost $63,000

Just a day after Bloomberg analyst Mike McGlone called Bitcoin a “caged bull, well rested to escape”, the latter seemed…

14 hours ago

Ripple files motions to dismiss lawsuit as XRP blasts to new three-year high

Just before the weekend, Judge Sarah Netburn ruled that Ripple executives Brad Garlinghouse and Chris Larsen’s did not have to…

15 hours ago

Cardano, more than a hedge against Ethereum?

In a new video on the popular YouTube channel ‘Coin Bureau’, host Guy shares his thoughts on Cardano and the…

16 hours ago

Revolut brings eleven new Crypto assets to its platform

On Thursday, London-based digital payments firm Revolut announced that it had just added eleven new crypto assets to its banking…

1 day ago

Ripple’s XRP is skyrocketing as the team celebrates three wins in a row in its SEC lawsuit

This Friday, U.S. Judge Sarah Netburn granted Ripple’s motion to keep its CEO’s financial records private after the Securities and Exchange Commission…

3 days ago