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Egypt’s Central Bank Seeks Applications for Digital Currencies


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The Central Bank of Egypt announced that it is considering the use of digital currencies, and for this purpose, internal and external working committees were formed from all ministries and interested bodies, led by the Central Bank.

The Central Bank of Egypt said it is moving ahead with this study, which is being carried out in collaboration with international organizations, as the application of secure and stable digital currencies is discussed.

Banking expert Sahar El-Damati said that digital currencies are a safe currency that allows you to buy goods and services over the Internet, since an online digital ledger with strong encryption is used to secure and secure financial transactions over the Internet.

Al Damati confirmed that some people believe that there is only one type of digital currency, which is not true, noting that there are more than 100 digital currencies that are traded and used publicly.

She stated that the Central Bank’s reflections on the application of these digital currencies is a very good and future step, which helps to develop the foreign exchange market in Egypt and increase the economic growth rate.

Source: Sada El-Balad website.

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