Topic: [2017-08-17] Egypt’s First Bitcoin Exchange Prepares For Lift-Off (Read 3637 times)
It's pretty clear statement for govs; For stability of the Egyptian banking system, the banks deal with the official currencies only, and never deal with any virtual currencies. Bitcoin is just a digital currency and no need to deal with central banks obviously, such as in my country there's no any legal regulation about bitcoin but some exchanges could develop and growing bigger. As long as govs doesn't consider as treat for fiat currency, it's fine. If citizens could get benefits from bitcoin and govs get taxes from exchanges, then it's a winning-winning solution.
August 18, 2017, 09:05:25 AM
With collapsing economies around the world people are desperate to find alternatives to find ways to protect their investments hope come September the Egyptian exchanges will be allowed to operate.
https://www.cryptocoinsnews.com/egyptian-central-bank-shoots-down-bitcoin-adoption-rumor/
Are they suddenly making a U-turn as well? Otherwise, this exchanges will have a hard time to let the government allow them to operate in the first place.
What a great turn of events but with all these rumours going around the central government will be forced to study the bitcoin technology to understand it all together and give the Egyptian people a formal treatment of bitcoin and its legal status. Are they suddenly making a U-turn as well? Otherwise, this exchanges will have a hard time to let the government allow them to operate in the first place.
August 18, 2017, 06:36:40 AM
I not familiar with the current Middle East adoption of bitcoin. But this is a fresh news for Middle East that a exchanges will be opening soon in Egypt. I see a news before that Egypt has anti-bitcoin stance, even the Central Bank of Egypt has shoots down the idea of bitcoin adoption.
https://www.cryptocoinsnews.com/egyptian-central-bank-shoots-down-bitcoin-adoption-rumor/
Are they suddenly making a U-turn as well? Otherwise, this exchanges will have a hard time to let the government allow them to operate in the first place.
https://www.cryptocoinsnews.com/egyptian-central-bank-shoots-down-bitcoin-adoption-rumor/
Are they suddenly making a U-turn as well? Otherwise, this exchanges will have a hard time to let the government allow them to operate in the first place.
August 18, 2017, 03:57:33 AM
Look interesting, Middle East is now taking notice of bitcoin and now they will have their first ever Exchanges. But the news says the there are no regulations and they are still waiting for government approval. I hope they gets approve so that the country's bitcoin enthusiast can go start trading and I'm pretty sure this will bolsters the price of bitcoin to even greater heights. I don't know if there are Egyptians around the forum but this is a welcome news for them. Just need to put tighter security though as we all know that hackers are now targeting them because of the huge amount of money going around exchanges.
August 18, 2017, 03:43:59 AM
Egypt is to get its first cryptocurrency exchange in September when Bitcoin Egypt prepares to go live.
Offering trading in the country’s currency Egyptian pounds, the exchange is a first mover in a country which lacks any form of regulatory framework for digital currency.
Bitcoin Egypt co-founder Rami Khalil told Reuters today:
"We're still waiting on the Egyptian government to set some kind of regulations [...] Without any laws, Bitcoin is not legal money in Egypt. Cryptoassets are happening whether [the Egyptian government] joins in or not. And by not joining they're missing out on a very big market.”
Like multiple economies around the world, Egypt’s citizens are struggling in the face of a rapidly declining national currency. The Egyptian pound has dropped by 50 percent since Nov. 2016, a tale repeated in other politically unstable countries such as Venezuela.
Egyptian Bitcoin enthusiasts have faced significant barriers when trying to purchase digital currency. Because of the weakness of Egypt’s currency, most foreign exchanges do not offer trading pairs between Bitcoin and the Egyptian pound. Bitcoin Egypt co-founder Omar Abdelrasoul explained to local news resource Albawaba:
“We got the idea after we saw that there were lots of people in Egypt who wanted to trade cryptocurrencies but they were a hard time doing it on international exchanges as they were unable to buy coins using EGP.”
Authorities have taken a hardline stance towards the nascent technology this year, issuing a statement suggesting - somewhat ironically - that dealing in any currency other than pound would cause “instability.”
>>> https://cointelegraph.com/news/egypts-first-bitcoin-exchange-prepares-for-lift-off
Offering trading in the country’s currency Egyptian pounds, the exchange is a first mover in a country which lacks any form of regulatory framework for digital currency.
Bitcoin Egypt co-founder Rami Khalil told Reuters today:
"We're still waiting on the Egyptian government to set some kind of regulations [...] Without any laws, Bitcoin is not legal money in Egypt. Cryptoassets are happening whether [the Egyptian government] joins in or not. And by not joining they're missing out on a very big market.”
Like multiple economies around the world, Egypt’s citizens are struggling in the face of a rapidly declining national currency. The Egyptian pound has dropped by 50 percent since Nov. 2016, a tale repeated in other politically unstable countries such as Venezuela.
Egyptian Bitcoin enthusiasts have faced significant barriers when trying to purchase digital currency. Because of the weakness of Egypt’s currency, most foreign exchanges do not offer trading pairs between Bitcoin and the Egyptian pound. Bitcoin Egypt co-founder Omar Abdelrasoul explained to local news resource Albawaba:
“We got the idea after we saw that there were lots of people in Egypt who wanted to trade cryptocurrencies but they were a hard time doing it on international exchanges as they were unable to buy coins using EGP.”
Authorities have taken a hardline stance towards the nascent technology this year, issuing a statement suggesting - somewhat ironically - that dealing in any currency other than pound would cause “instability.”
>>> https://cointelegraph.com/news/egypts-first-bitcoin-exchange-prepares-for-lift-off
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