Egypt lifts the ban, allowing cryptocurrency companies

In early 2018, Shawki Allam, the Grand Mufti of Egypt, introduced a complete ban of cryptocurrencies under the Islamic law. The reasons cited for this ban included the risks of tax evasion, money laundering and other fraudulent activities.

However, since the neighbouring countries have opened up to the idea of blockchain and are experimenting with its possibilities, Egypt is now softening its stance.

Now, it has proposed a new bill that only allows licensed companies to create, trade and promote cryptocurrencies. This new bill is said to help the Central Bank of Egypt (CBE) to regulate cryptocurrencies.

However, the CBE would also require multiple licenses from companies interested in exploring the cryptocurrency avenue, which could prove very expensive to such startups or small businesses. Read more about this bill here.