CBE imposes fine against cryptocurrency traders in Egypt

The Central Bank of Egypt (CBE) warned that whoever violates the decision of crypto trading ban may be punished with a fine not less than one million Egyptian pounds ($51.6) thousand and not more than 10 million pounds.

Moreover, the bank alerts on Tuesday people from issuing, trading, or promoting cryptocurrencies, and operating platforms for their trading.

These warnings are due to cryptocurrencies high risks, including its usage in financial crimes and electronic piracy.

In addition, the cryptocurrencies are not issued the CBE, therefore it lacks any material cover to ensure the stability of the currency and protect the rights of its dealers.

In this context, CBE confirms that dealing within the Arab Republic of Egypt is limited to the official currencies that approved by the central bank only. The CBE calls on dealers in the Egyptian market to be very careful and not to engage in dealing with these high-risk currencies.