Egypt, Cryptocurrencies, and Catching up with the Middle East – MENAFN.COM

(MENAFN – Daily News Egypt) Cryptocurrencies have become more popular over the years with over 5,000 available in the world. Investors might wonder how to invest in them and might need a beginner’s guide to cryptocurrencies . Let’s take a look at the cryptocurrencies market in Egypt and middle eastern countries.

Some middle eastern countries have taken enormous strides by integrating cryptocurrency trading and other blockchain technologies into their economic systems. One that particularly stands out is the United Arab Emirates. initiating the Global Blockchain Council, making cryptocurrency transactions tax-free, and launching an official Emirati coin, EMCASH, the UAE has transformed into the cryptocurrency oasis of the Middle East. Other middle eastern countries have noticed, and some have even begun to reconsider draconian laws governing cryptocurrency, slowly accepting digital currencies into their financial systems. Recently, the government in Egypt announced that it is considering pursuing a lift on its crypto exchange ban.

In 2018, the government of Egypt placed an all-out ban on cryptocurrency trading. Ultimately, concerns over money laundering, tax evasion, and other illegal activities worried the government to the point of imposing that ban. However, after seeing firsthand how their neighbors in the UAE successfully implemented crypto regulation, Egyptian legislators determined that the cryptocurrency ban needed reconsideration. Ultimately, the