Egypt | 2021

Cryptocurrency Adoption and trends in Egypt in 2021

1.8

%

of Egyptians
own cryptocurrency

How many cryptocurrencies owners in Egypt?

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

Egypt - North Africa’s cryptocurrencies hub?

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

How do Egyptians view cryptocurrencies?

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 Egyptians.

Meanwhile, a video report shared by a P2P platform tries to offer possible reasons why cryptocurrencies trading has become more popular in Egypt. In the report, it is suggested that many of the Egyptian cryptocurrencies 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.

Cryptocurrencies'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 cryptocurrencies volumes in Egypt. This rise in Egyptian cryptocurrencies transactions is evidenced by P2P data which shows the cryptocurrencies asset’s weekly traded volumes averaging $205,000 in much of Q1 of 2021.
 
  • Ahramonline: Egypt’s central bank allows banks to issue electronic currencies – April 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 cryptocurrencies 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 cryptocurrencies 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.
 
 

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