Egypt’s Central Bank Issues Crypto Warning — Violators Risk Imprisonment

Egypt’s Central Bank Issues Crypto Warning — Violators Risk Imprisonment


The Central Bank of Egypt (CBE) has issued a fresh warning about cryptocurrency, noting that violators could face imprisonment. The Egyptian central bank’s law “prohibits issuing, trading, or promoting cryptocurrencies, creating or operating platforms for trading it, or carrying out related activities.”

Crypto Warning Issued by Egypt’s Central Bank

The Central Bank of Egypt (CBE) has renewed its warning about all types of cryptocurrencies, citing a number of risks, including high volatility, use in financial crimes, and e-piracy, Egypt Independent reported Tuesday. The ECB also stressed that crypto is not issued or backed by the central bank or any other official authority.

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“In the same context, the Law of the Central Bank of Egypt and the Banking System — promulgated by Law No. 194

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