The Central Bank of Egypt (CBE) will ban all crypto-related companies that perform their activities without obtaining the necessary licenses in advance, reports Egypt Independent.
The local media notes that the draft crypto-focused law has allocated great importance to financial technology, "keeping pace with major developments in the banking industry in the world and enhancing the use of modern technology."
Moreover, an official source with CBE claims that the new law provides legal authority for the electronic authentication of financial institutions transactions, e-payment orders, and transfer orders.
However, Egypt's method of regulation is not a surprising one since according to Coin Dance, the volume of bitcoin (BTC) trading on the LocalBitcoins platform in October 2018 reached record highs in Argentina, Egypt, and Venezuela.
Recently, iHodl reported that the Indian authorities are working on the development of a bill aimed at banning cryptos in the country.
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