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Egyptian Central Bank Responds to Launch of Country’s First Bitcoin Exchange



bitcoin egypt exchange

The Central Bank of Egypt recently issued a statement which asserts no organisations in the country have been licensed to trade bitcoin. The statement follows news of the launch of Egypt’s first bitcoin exchange as reported on on August 8, 2017. This puts the exchange in a precarious position in regards to its tentative launch on August 31.

No Authorisation for Bitcoin Exchanges

According to a top Central Bank official, the regulator has no plans to propose legislation or set up special laws that will allow trading of cryptocurrencies. Currently, digital currencies are not recognised in banking and financial transactions.

Reda Abdel Moaty, acting Chairman of the Egyptian Financial Supervisory Authority (FSA), also insisted no cryptocurrency exchanges had been authorised in Egypt. He reiterated no formal request had been put forth by an entity to open a bitcoin exchange. Therefore, any exchange operating without a license is contrary to the law and will be prosecuted. According to Masrawy, a news publicationf focused on in North Africa and the Middle East, Moaty stated the Egyptian Capital Market Law in its present form does not support cryptocurrency exchanges. The news outlet also reported that “the FSA confirmed that it has not issued licences for any trading platforms for bitcoin in Egypt and that it will pursue the founders.”

The Platform Launch and Regulatory Framework

The Bitcoin Egypt Exchange is a digital currency platform that enables traders to buy bitcoin using fiat currency, trade bitcoin to altcoins and convert their cryptocurrency to Egyptian pounds. Bitcoin Egypt founder Abdelrasoul stated in a recent interview that the exchange plans to launch before the end of August. The exchange will only trade bitcoin at first and roll out other coins and tokens later. The exchange co-founder, Rhami Khalil said the platform has already received over 300 pre-registrations.

The Central Bank’s position puts the founders in a precarious position in regards to the launch. While Egyptian law is ambiguous on digital currencies, regulators have sought to halt its adoption citing a number of reasons. In July the Central Bank of Egypt rejected the use of bitcoin locally insisting it was not a legal tender in the country. Gamal Negm, the deputy governor of the Central Bank insisted the ban was necessary to ensure the stability of local banks.

Bitcoin Egypt has yet to respond to this new developments, and what it may mean for the upcoming exchange. Hopefully, this will be a minor hurdle in the journey to driving up bitcoin adoption in Egypt.


Binance Launches Fiat-to-Crypto Exchange in Uganda



Binance Launches in Uganda

Global bitcoin exchange Binance has launched a new fiat-cryptocurrency exchange in Uganda. The exchange will also be offering a reward of 0.5 BNB to the first 20,000 users that register on the site as part of its promotion in Uganda.

The announcement comes nearly two months after Binance partnered with Crypto Savannah, Made in Africa initiative, and Msingi East Africa to promote economic development in the East African country.

Changpeng Zhao and Yi He founded Binance in 2017 and raised $15 million through an initial coin offering for its ERC20 token BNB in July of the same year.

The exchange plans to move its offices to the island nation of Malta after the implementation of stricter regulations in China and Japan. In January 2018, Binance was the largest crypto exchange with a market capitalisation of $1.3 billion.

Binance in Uganda

BinanceBinance will also offer its Ugandan users a month of zero trading fees when trading goes online. The exchange will announce the opening for trading at a later date.

Users can find out if they have won any rewards by logging into their accounts and accessing ‘Distribution History’ in the Account Center. In addition, users will be required to complete ID verification to be able to withdraw funds from Binance.

Ugandan users will enjoy an exchange that offers fast transactions of up to 1.4 million per second and state-of-the-art storage technology for utmost security. The exchange also provides 24/7 customer support and has a user-friendly interface.

The presence of Binance in Uganda aims to boost financial inclusion in the country, which has increased from 28 percent in 2009 to 54 percent in 2013 according to its national financial inclusion strategy 2017-2022.

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LINE Corp to Launch Cryptocurrency Exchange BITBOX in July for Global Trading



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The developers of popular messaging app LINE and LINE Group’s cryptocurrency and blockchain company LVC Corporation have announced that they are set to launch a new cryptocurrency exchange called BITBOX in July 2018. The Japan-based firm made the announcement during the LINE Conference 2018 held in Tokyo.

The New BITBOX Exchange

BITBOXBITBOX will offer over 30 high-demand cryptocurrencies to users globally with the exception of Japan and the US. The exchange will trade coins such as bitcoin, ether, litecoin, and bitcoin cash while charging low trading fees of 0.1 percent. BITBOX will support 15 languages, according to the company press release.

The selected cryptocurrencies for the exchange have undergone an extensive screening exercise and have been picked by an internal committee, promising users a convenient and safe trading experience. LINE will also incorporate its top security standards to the cryptocurrency exchange.

LINE Corporation CEO Takeshi Idezawa said:

“As a key part of LINE’s new financial services, BITBOX shows our commitment to fulfilling the growing demand for more diverse financial options. With BITBOX, LINE users will be able to access cryptocurrencies more easily, while also being assured of state-of-art security measures to protect their assets.”

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Nigerians Have Invested Over $5m in Cryptocurrencies Despite Regulator Warnings Says KureCoin Hub



Nigerians Invest in Cryptocurrencies

Nigerians have invested over five million US dollars in the cryptocurrency market in the last couple of years according to data from Nigerian cryptocurrency platform KureCoin Hub.

The data shows that Nigerian retail investors are investing heavily in the cryptocurrency market despite warnings from the Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC) against investing in an unregulated market.

KureCoin Hub’s co-founder and CEO Tega Abikure has criticised the stance regulators have taken and argues that the country will lag behind as other countries enjoy the benefits of blockchain technology and cryptocurrencies. Abikure told New Telegraph:

“It is not a matter of whether the government likes it; it is about whether they need it. I am not sure the internet was liked when it first came. […] It is not a matter of whether they are going to embrace it; it is about when they are going to do so.”

Abikure observed that other countries such as Uganda and South Africa have already taken steps towards adopting blockchain technology while Kenya is pushing forward with a functioning blockchain taskforce.

“Nigeria is being left behind,” he noted.

The Blockchain as a Source of Foreign Direct Investments

Abikure also believes that blockchain technology could be a major source of Foreign Direct Investments (FDIs) in the next five to ten years. In addition, he is of the opinion that a lot of money is being made in cryptocurrencies on the continent with most of it leaving Africa’s economy.

On one of the benefits of blockchain technology, he said: “[The blockchain] is completely transparent and cannot be changed; it can be used to create a decentralised system of payment where the taxpayer had an unhindered access to the collector which is the government. It enhances revenue collection and removes the challenges of remittances.”

Blockchain technology can also improve the banking sector, the electoral process, the use of donations in charitable projects, and the supply chain, among many other use cases.

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