Central Bank of Egypt Ban Activities of Crypto having No License
According to the new law of Central Bank of Egypt (CBE) for crypto the creating, promoting or operating platforms for issuing or trading crypto is banned if they don’t have issued the license for it reported on 28 May 2019.
The draft bill grants the right to issue rules governing the trading and dealing of bitcoin and other cryptocurrencies, to the Board of Directors of CBE, replied in statements to MENA news agency reported from an official source.
It was reported from the source that the new draft law will enhance the use of modern technology, has also allocated the importance to the financial technology and keep growing with major developments in the banking industry in the world by providing better financial services to the people.
The new draft law will also establish the legal authority for the secure electronic authentication of bank transactions, fast electronic payment orders, and the transfer orders.
Two days ago, the Reserve Bank of Malawi (RBM) has announced that crypto is not a legal tender in Malawi, In Africa.
