Formerly known as the Arab Republic of Egypt, now just Egypt is a place packed with ancient marvels that we cannot recreate up to this day, unfortunately, nowadays landscape is mainly sand desserts with bits of population scattered across the country closer to the river banks. Egyptians are happy people in their nature but have had to go through some rough political conflicts that have backtracked countries development by a great margin. Blockchain technology, on the other hand, seems to creep in wherever there are computers connected to the interwebs and Egypt is no different. Let's find out what does Egyptian bitcoin regulations say and which exchange to use for your bitcoin purchases in Egypt. While we are at it, why not take a peek at the Egyptian online gambling legislation? No objections? Great!
Bitcoin Regulations in Egypt
Bitcoin is currently not regulated in Egypt and CBE has no intention of recognizing it as currency. There are big concerns regard pseudo-anonymity as well as it technically being foreign exchange which is not permitted in the Egyptian state. Banks are allowed to perform foreign exchanges but have yet to be allowed trading in bitcoin. There is one active local bitcoin exchange that hopes to see some sort of regulation for bitcoin to be considered as currency.
Egyptian Bitcoin Exchanges
Bitcoin Egypt is the local exchange selling bitcoins to Egyptian citizens. One of the easiest and most used methods of buying bitcoin in Egypt is doing it through Peer-to-Peer exchanges like Localbitcoins and Paxful. It is very important to never release escrow or marking trade complete without receiving your bitcoin first. Be on the lookout for users trying to get you out of the platform to complete the trade and report them. To avoid any complications, make sure to check for 100% clean history sellers.
Online Gambling in Egypt
There are no licensed or based online gambling sites in Egypt. Egyptians are permitted to play on offshore sites and have no restrictions from the government in doing so. Why not try some of the anonymous bitcoin casinos? Check out our trusted BTC casino reviews to find the most valuable house!