Cryptocurrency Q&A
Is cryptocurrency legal in Egypt?
Is cryptocurrency legal in Egypt?
Nicola
Mon Jun 10 2024
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5 answers
1505
Could you please enlighten me on the legality of cryptocurrency in Egypt? I've been hearing conflicting opinions and I'm quite perplexed about the matter. Is it permissible to own, trade, or mine cryptocurrencies in the country? Are there any specific regulations or restrictions that need to be adhered to? I'm also curious about the government's stance on the matter and whether there are any plans for further legalization or regulation in the future. Your insights would be greatly appreciated.
5 answers
AndrewMiller
Wed Jun 12 2024
Islamic Law, which forms the basis of Egypt's legal system, forbids any form of gambling or speculation. Cryptocurrencies, often associated with high volatility and speculative trading, are therefore deemed incompatible with these religious principles.
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Rosalia
Wed Jun 12 2024
Despite the prohibition, there may still be individuals or groups attempting to engage in cryptocurrency activities in Egypt. However, these activities are not only illegal but also risky, as they expose participants to potential financial losses and legal consequences.
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Riccardo
Wed Jun 12 2024
BTCC, a UK-based cryptocurrency exchange, offers a range of services including spot trading, futures trading, and wallet management. However, given the prohibition on cryptocurrency activities in Egypt, it is unlikely that these services will be available or accessible to Egyptian residents.
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DigitalLordGuard
Wed Jun 12 2024
Cryptocurrency activities in Egypt are strictly prohibited under Islamic Law and religious decree. This stance is reinforced by the Central Bank of Egypt (CBE), which issues warnings against any engagement in such practices.
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EthereumEagleGuard
Wed Jun 12 2024
The CBE's warnings are aimed at safeguarding the financial stability and integrity of the Egyptian economy. Cryptocurrencies, which operate independently from central banks and traditional financial systems, pose potential risks and uncertainties to the country's monetary policies and financial markets.
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