Egypt’s First Bitcoin Exchange Prepares For Lift-Off

Capture d’écran 2017-08-17 à 18.39.35.pngEgypt is to get its first cryptocurrency exchange in September when Bitcoin Egypt prepares to go live.

Offering trading in the country’s currency Egyptian pounds, the exchange is a first mover in a country which lacks any form of regulatory framework for digital currency.

Bitcoin Egypt co-founder Rami Khalil told Reuters today:

"We're still waiting on the Egyptian government to set some kind of regulations [...] Without any laws, Bitcoin is not legal money in Egypt. Cryptoassets are happening whether [the Egyptian government] joins in or not. And by not joining they're missing out on a very big market.”

Like multiple economies around the world, Egypt’s citizens are struggling in the face of a rapidly declining national currency. The Egyptian pound has dropped by 50 percent since Nov. 2016, a tale repeated in other politically unstable countries such as Venezuela.

Egyptian Bitcoin enthusiasts have faced significant barriers when trying to purchase digital currency. Because of the weakness of Egypt’s currency, most foreign exchanges do not offer trading pairs between Bitcoin and the Egyptian pound. Bitcoin Egypt co-founder Omar Abdelrasoul explained to local news resource Albawaba:

“We got the idea after we saw that there were lots of people in Egypt who wanted to trade cryptocurrencies but they were a hard time doing it on international exchanges as they were unable to buy coins using EGP.”

Authorities have taken a hardline stance towards the nascent technology this year, issuing a statement suggesting - somewhat ironically - that dealing in any currency other than pound would cause “instability.”

From : cointelegraph.com

Sort:  

Thanks .This sounds good . Investment opportunity🤗

Congratulations @aroundtheworld! You have received a personal award!

1 Year on Steemit
Click on the badge to view your Board of Honor.

Do not miss the last post from @steemitboard:
SteemitBoard World Cup Contest - Quarter Finals - Day 2


Participate in the SteemitBoard World Cup Contest!
Collect World Cup badges and win free SBD
Support the Gold Sponsors of the contest: @good-karma and @lukestokes


Do you like SteemitBoard's project? Then Vote for its witness and get one more award!

Congratulations @aroundtheworld! You have completed the following achievement on Steemit and have been rewarded with new badge(s) :

You got your First payout
Award for the total payout received

Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word STOP

Do not miss the last post from @steemitboard:
SteemitBoard World Cup Contest - Quarter Finals - Day 2


Participate in the SteemitBoard World Cup Contest!
Collect World Cup badges and win free SBD
Support the Gold Sponsors of the contest: @good-karma and @lukestokes


Do you like SteemitBoard's project? Then Vote for its witness and get one more award!

Congratulations @aroundtheworld! You received a personal award!

Happy Birthday! - You are on the Steem blockchain for 2 years!

You can view your badges on your Steem Board and compare to others on the Steem Ranking

Vote for @Steemitboard as a witness to get one more award and increased upvotes!