Egypt seems to be softening up to cryptocurrencies which has originally banned all cryptocurrency under Islamic Law.
The ban was issued by Egypt’s Grand Mufti, Shawki Allam who stated that the technology could undermine the legal system through tax evasion, money laundering, and other fraudulent activities.
With other surrounding countries exploring the technology it seems that the government has start softening its stance with the introduction of a bill that will ban the creation, trading and promotion of cryptocurrencies without the proper license.
The bill will empower the board of directors of the Central Bank of Egypt (CBE) the right to regulate cryptocurrencies and require licenses to do business.
It has been revealed that Egypt has been discussing the legalization of cryptocurrencies for years before this move.
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