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Egypt issues warnings against dealing in virtual currencies

Reuters/Dado Ruvic
The Central Bank said that virtual currencies are not issued by it or any official authority, so they are not considered legal tender.

Egypt’s central bank has reiterated its warning against dealing with cryptocurrencies through regional or global platforms, a local media outlet reported.

The Central Bank of Egypt said that virtual currencies are not issued by the central bank or any official authority; therefore, they are not deemed legal tender, the newspaper said, citing a bank statement.

The Central Bank and Banking System Law prohibit issuing cryptocurrencies or trading in them.

The central bank has issued warnings against dealing with all types of cryptocurrencies.

Authorities have reportedly arrested cryptocurrency traders for mining illegally.

In January 2018, Egypt’s Islamic advisory body Dar El-Ifta said that virtual currencies are not permissible as they are not considered legitimate as an “acceptable interface of exchange.”