Daily Management Review

Egypt Pre-Registers Around ‘300’ Users Before Its First ‘Bitcoin Exchange’ Launch


08/18/2017


Even though, bitcoin is not considered as “legal money in Egypt”, the Bitcoin Egypt’s Founders hopefully wait for some governmental regulations.



In the later part of this month, Egypt will see its “first bitcoin exchange” coming into function, reported the Bitcoin Egypt’s Founder. As a result, the “populous country” of the Middle East will be linked with the crypto-currency’s lifeline which soared in its values over the “recent months”.
 
Governments around the world still setting the regulatory measures for bitcoin, as some still consider it to be a “volatile digital currency” captivating the “speculative” investors’ “interest” by its soaring performance that almost quadrupled its value.
 
On the other hand, most of Egypt’s people do not hold any bank accounts, although in “recent years” the “electronic payments” have begun to catch up, while proper regulations are still to be put in place. As a result, local retailers will be denied the facility to trade in bitcoin while “users on an exchange” could avail the option “freely”, whereby “potentially cashing in on its ascent”. The Founder of Bitcoin Egypt, Rami Khalil, said:
“We're still waiting on the Egyptian government to set some kind of regulations...Without any laws, bitcoin is not legal money in Egypt”.
 
Moreover, he also informed that there were around “300 pre-registrations” of users even before the exchange launched itself. For Khalil and Omar Abdelrasoul, the latter being the co-founder of Bitcoin Egypt, it is going to be a platform that will bring together several communities of “bitcoin enthusiasts” for the first for trading in “Egyptian pounds”.
 
In Khalil’s words:
“Cryptoassets are happening whether (the Egyptian government) joins in or not. And by not joining they're missing out on a very big market. Currently bitcoin is about a $70 billion market”.
 
With the help of crypto-currencies individual users can anonymously conduct “peer-to-peer transactions” without the involvement of any bank. The absence of “central authority” makes Bircoin “attractive” for getting around “capital controls”. The nature of Bitcoin has pushed its proliferation in China, while other governments have cracked down on “its use to prevent money laundering”.
 
Therefore, “same dynamics” will play a role in propagating “bitcoin in Egypt”, as the banks put restriction on their transfers following the “shortage of hard currency” in the year of 2011. Nevertheless, the situation on the bank’s liquidity showed improvements as “capital controls have been lifted in recent months”. However, “a black market for dollars” will has a certain hold on businesses as it helps in obtaining “currency not available in the formal banking system”. In Abdelrasoul’s words:
“We're trying to get people used to the idea of bitcoin, to ready the market so that in a couple of years we will reach a greater number of users. But for now we are trying to let people know what cryptocurrency is”.
 
 
 
References:
www.cnbc.com







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