Egypt appears to have revoked its ban on cryptocurrency and related crypto activities; a report by news media – Egypt Independent suggests.
It will be recalled that in early 2018, Egypt had placed a strict ban on all cryptocurrency assets and activities, citing concerns that its practice go against the Sharia law as well as arguments it could undermine the legal system with regards to scams and cryptocurrency volatility.
However, in this latest development and in what seems like a response to the growing global adoption of cryptocurrencies and blockchain technology among nations and neighbouring countries, the Egyptian government has opened its doors once more to explore the crypto potential.
According to the new bill, Bitcoin is now declared as ‘halal’ that means ‘permissible’ under Sharia Law. The new draft law allocates great importance to financial technology and will under this new regulation allow only licensed crypto exchanges and businesses operate in the country.
Despite the initial ban, Egypt had still hit high Bitcoin trade volumes in October 2018, alongside South American nations – Argentina and Venezuela; clear indications of interest among its citizens.
Essentially, the cryptocurrency and blockchain adoption movement is taking one country at a time.