Egypt

Cryptocurrency information about Egypt

How many crypto owners in Egypt?

It is estimated that over 1.7 million people, 1.8% of Egypt’s total population, currently own cryptocurrency.(1)


Egypt – North Africa’s crypto hub?

The demand for bitcoin has surged in Egypt and has registered a fresh all time high. Egypt recorded a record peer-to-peer Bitcoin trading volume of over 2.2million Egyptian pounds in 2020.(2)

How do Egyptians view crypto?

Egyptian economist Wael al-Nahhas said young Egyptians “started investing in small amounts despite the increase in the value of the bitcoin” and noted that bitcoin mining and trading are attracting thousands of Egyptian.(3)

Meanwhile, a video report shared by a P2P platform tries to offer possible reasons why crypto trading has become more popular in Egypt. In the report, it is suggested that many of the Egyptian crypto traders “are looking for additional sources of income (either through) trading or holding bitcoin.” Further, the report notes that with 67% of the adult population currently unbanked, cryptocurrencies inevitably become a practical alternative for those that are financially excluded.(4)

Crypto’s rising popularity in Egypt

  • Bitcoin.com: Egypt’s Growing P2P Volumes Being Driven…April 2021
    A recent market report by Localbitcoins suggests that traders or holders under the age of 34 are driving crypto volumes in Egypt. This rise in Egyptian crypto transactions is evidenced by P2P data which shows the crypto asset’s weekly traded volumes averaging $205,000 in much of Q1 of 2021.

  • Ahramonline: Egypt’s central bank allows banks to issue electronic currenciesApril 2021
    The Central Bank of Egypt (CBE) has allowed on Thursday banks to issue electronic currencies subject to its supervision provided that each coin in the mobile payment service equals one Egyptian pound. In its third version of mobile payment regulations, the CBE explained that the issuance of electronic currencies is only limited to banks under its supervision and that get its prior consent to take this step. The CBE said that the authorised banks will operate a system for managing the records of electronic currencies, which show the value of the issued money, the system users, and service providers.

  • Coindesk: Egyptian crypto trading volume increased dramatically…March 2021
    Egyptian user registrations on U.K.-based cryptocurrency exchange CEX.IO rose 250% in January from the previous month. According to the firm’s executive director, Konstantin Anissimov, bitcoin (BTC, -1.64%) trading volumes in Egypt on CEX.IO were also up more than 400% from December to January, reflecting trends seen by other crypto platforms in the country. CEX.IO is a regulated cryptocurrency exchange with over 3 million users worldwide, according to its website. “For Egypt, I haven’t seen anything like that on our exchange,” Anissimov told CoinDesk, referring to the spike.

  • Cointelegraph: Egypt turns to blockchain to boost remittance business…February 2020
    Egypt’s National Bank has signed a cooperation agreement with Ripple to establish new channels for inward remittances.

  • Nilefm: Egypt to release their own cryptocurrency in the near future… January 2020
    Egypt is looking to transition into a cashless society.

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