The government of Egypt is working the bill, which will let licensed companies conduct activity in the country – BitcoinDoubler2x has learned.
Alike changes in the legislation will become a large step for crypto industry in Egypt. Since in the country now is prohibited any activity, connected with digital assets.
Local media informs that the authority to regulate the market will be vested in the local central bank, that will also licence cryptocurrency companies.
Possible reason for such a step from the side of Egyptian authorities is the interest of neighboring countries in the development of the industry. So, for example, representatives of United Arab Emirates and Saudi Arabia announced at the beginning of the year about cooperation with an aim to create new cryptocurrency.
Let`s remind, Egypt’s chief mufti, Sheikh Shavki Allam at the beginning of 2018 issued a fatwa, prohibiting cryptocurrency trading, because, according to him, it is forbidden by Islam.