In Egypt begin work on their own state cryptocurrency. That is how the country’s authorities are trying to maintain their position and strengthen their influence in the financial market. Such information appeared in the media with reference to an anonymous source in the central bank.
The main goal of the new cryptocurrency will be to attract the largest possible percentage of the population to the financial services sector, because at the moment the situation is such that only one in ten Egyptians owns a bank card or has an account with a credit company.
Despite this, the Egyptian government does not intend to lift the current ban on the sale of digital money for individuals. However, the board of directors of the central bank will consider the option of issuing licenses for operations with a new type of asset, an anonymous source emphasized.
According to most analysts, the alleged Egyptian cryptocurrency will most likely not be in demand by investors. The main reason will be tight regulation and pricing of the asset by the central bank itself. And this means that speculation on this asset will become almost impossible.
As you know, the final decision regarding the development of the Egyptian national cryptocurrency has not yet been made. Despite the authorities’ loyalty to digital currencies, the country still has many questions regarding the regulation of this type of asset.