Egyptian Central Bank Issues Crypto Warning – Violators Risk Jail – Regulation Bitcoin Planet

[ad_1]

The Central Bank of Egypt (CBE) has issued a new cryptocurrency warning, noting that violators could face jail. Egypt’s central bank law “prohibits the issuance, trading or promotion of cryptocurrencies, the creation or operation of platforms for trading or the performance of related activities”.

Crypto warning issued by the Central Bank of Egypt

The Central Bank of Egypt (CBE) has renewed its warning against all types of cryptocurrencies, citing a number of risks including high volatility, use in financial crimes and electronic hacking, Egypt reported on Tuesday. Independent. The ECB also pointed out that the crypto is neither issued nor guaranteed by the central bank or any other official authority.

“In the same context, the Law on the Central Bank of Egypt and the Banking System – enacted by Law No. 194 of 2020 – prohibits the issuance, trading or promotion of cryptocurrencies, the creation or operating platforms for trading, or carrying out related activities,” reads the EPC’s statement, adding:

Anyone who violates this rule will be imprisoned and fined at least one million pounds and at most LE 10 million. [$516,340]or one of these two penalties.

Egypt’s central bank issued a similar cryptocurrency warning in January 2018, specifically naming bitcoin, stating:

It should be noted that cryptocurrencies are not issued by any central bank or official central issuing authority that can be held responsible.

“Furthermore, cryptocurrencies are not backed by any tangible assets and are not supervised by any regulators in the world, and therefore they do not have the official government guarantee and support that other official currencies issued by central banks,” the central bank added.

Egypt’s Dar El-Ifta, the government’s main Islamic institution responsible for issuing fatwas (religious opinions), issued a decree in January 2018, declaring that all use of cryptocurrency was ḥarām or prohibited, including the buying, selling and renting.

What do you think of the Central Bank of Egypt’s crypto warning? Let us know in the comments section below.

Kevin Helms

An economics student from Austria, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



[ad_2]

Source link

Recent Articles

Terra Luna

Wolverine Coin

TABOO TOKEN

Crypto Heirloom

spot_img

Related Stories

Stay on op - Ge the daily news in your inbox

bitcoin
Bitcoin (BTC) $ 16,826.47
ethereum
Ethereum (ETH) $ 1,229.40
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 283.67
usd-coin
USD Coin (USDC) $ 0.9999
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.386819
dogecoin
Dogecoin (DOGE) $ 0.096485
cardano
Cardano (ADA) $ 0.309444
matic-network
Polygon (MATIC) $ 0.890857
polkadot
Polkadot (DOT) $ 5.30
staked-ether
Lido Staked Ether (STETH) $ 1,215.12
litecoin
Litecoin (LTC) $ 75.94
shiba-inu
Shiba Inu (SHIB) $ 0.000009
okb
OKB (OKB) $ 20.88
dai
Dai (DAI) $ 1.00
tron
TRON (TRX) $ 0.053495
solana
Solana (SOL) $ 13.43
uniswap
Uniswap (UNI) $ 5.96
avalanche-2
Avalanche (AVAX) $ 13.24
leo-token
LEO Token (LEO) $ 3.79
chainlink
Chainlink (LINK) $ 6.83
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 16,759.00
cosmos
Cosmos Hub (ATOM) $ 9.60
the-open-network
The Open Network (TON) $ 1.83
monero
Monero (XMR) $ 144.47
ethereum-classic
Ethereum Classic (ETC) $ 18.78
stellar
Stellar (XLM) $ 0.083949
bitcoin-cash
Bitcoin Cash (BCH) $ 108.86
quant-network
Quant (QNT) $ 118.54
algorand
Algorand (ALGO) $ 0.224549
crypto-com-chain
Cronos (CRO) $ 0.063228
filecoin
Filecoin (FIL) $ 4.36
near
NEAR Protocol (NEAR) $ 1.68
apecoin
ApeCoin (APE) $ 3.83
vechain
VeChain (VET) $ 0.01871
hedera-hashgraph
Hedera (HBAR) $ 0.047361
internet-computer
Internet Computer (ICP) $ 4.16
eos
EOS (EOS) $ 0.984322
flow
Flow (FLOW) $ 1.03
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 44.44
frax
Frax (FRAX) $ 0.998929
trust-wallet-token
Trust Wallet (TWT) $ 2.40
terra-luna
Terra Luna Classic (LUNC) $ 0.000164
axie-infinity
Axie Infinity (AXS) $ 8.25
the-sandbox
The Sandbox (SAND) $ 0.583971
tezos
Tezos (XTZ) $ 0.987274
aave
Aave (AAVE) $ 61.63
theta-token
Theta Network (THETA) $ 0.862702
huobi-token
Huobi (HT) $ 6.39
chain-2
Chain (XCN) $ 0.038394
chiliz
Chiliz (CHZ) $ 0.15299
true-usd
TrueUSD (TUSD) $ 1.00
lido-dao
Lido DAO (LDO) $ 1.00
bitcoin-sv
Bitcoin SV (BSV) $ 40.71
paxos-standard
Pax Dollar (USDP) $ 0.999824
decentraland
Decentraland (MANA) $ 0.399486
usdd
USDD (USDD) $ 0.978771
bittorrent
BitTorrent (BTT) $ 0.00000067114482
kucoin-shares
KuCoin (KCS) $ 6.48
aptos
Aptos (APT) $ 4.78
pancakeswap-token
PancakeSwap (CAKE) $ 3.91
fantom
Fantom (FTM) $ 0.235422
gemini-dollar
Gemini Dollar (GUSD) $ 1.00
zcash
Zcash (ZEC) $ 44.03
compound-usd-coin
cUSDC (CUSDC) $ 0.022712
whitebit
WhiteBIT Token (WBT) $ 4.78
iota
IOTA (MIOTA) $ 0.205801
ecash
eCash (XEC) $ 0.000029
tokenize-xchange
Tokenize Xchange (TKX) $ 6.87
maker
Maker (MKR) $ 606.89
klay-token
Klaytn (KLAY) $ 0.178674
gatechain-token
Gate (GT) $ 3.57
neo
NEO (NEO) $ 6.89
dash
Dash (DASH) $ 44.02
pax-gold
PAX Gold (PAXG) $ 1,784.21
havven
Synthetix Network (SNX) $ 1.97
the-graph
The Graph (GRT) $ 0.061979
arweave
Arweave (AR) $ 8.97
radix
Radix (XRD) $ 0.044627
osmosis
Osmosis (OSMO) $ 0.907996
compound-ether
cETH (CETH) $ 24.76
tether-gold
Tether Gold (XAUT) $ 1,745.08
frax-share
Frax Share (FXS) $ 5.94
cdai
cDAI (CDAI) $ 0.022127
curve-dao-token
Curve DAO (CRV) $ 0.652799
gmx
GMX (GMX) $ 50.97
btse-token
BTSE Token (BTSE) $ 2.59
mina-protocol
Mina Protocol (MINA) $ 0.542042
thorchain
THORChain (RUNE) $ 1.37
ethereum-pow-iou
EthereumPoW (ETHW) $ 3.67
rocket-pool
Rocket Pool (RPL) $ 19.77
nexo
NEXO (NEXO) $ 0.665793
ethereum-name-service
Ethereum Name Service (ENS) $ 13.38
blockstack
Stacks (STX) $ 0.250808
1inch
1inch (1INCH) $ 0.441177
basic-attention-token
Basic Attention (BAT) $ 0.223424
zilliqa
Zilliqa (ZIL) $ 0.021844
bitdao
BitDAO (BIT) $ 0.296049
immutable-x
ImmutableX (IMX) $ 0.43803