Is cryptocurrency legal in Egypt?

In 2018, Shawki Allam, the Grand Mufti (the most senior religious authority) of Egypt, declared the use of cryptocurrencies forbidden under Islamic Law, citing the volatility and anonymity that could facilitate tax evasion, money laundering, terrorist financing and other illegal activities. The law was passed in the form of a fatwa.

What is Egypt's position on cryptocurrencies?

Egypt has clearly expressed its stance against cryptocurrencies. In a warning statement, The Central Bank of Egypt (CBE) highlighted that Egypt does not deal with cryptocurrencies due to their volatile nature and anonymity.

How many people in Egypt have cryptocurrencies?

Statistics show that more than 2 million people in Egypt have cryptocurrencies that they trade in electronic markets, and these numbers are constantly increasing. People and investors have found an opportunity to invest and profit quickly, especially after their prices have risen significantly in the past period.

How did Egypt's cryptocurrency market perform in January?

Egyptian user registrations on U.K.-based cryptocurrency exchange CEX.IO rose 250% in January from the previous month. According to the firm’s executive director, Konstantin Anissimov, bitcoin trading volumes in Egypt on CEX.IO were also up more than 400% from December to January, reflecting trends seen by other crypto platforms in the country.