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Egypt’s First Bitcoin Exchange, Bitcoin Egypt To Start Trading This Month.

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Egypt Welcomes Its First Bitcoin Exchange, Bitcoin Egypt

The founders of Egypt’s first Bitcoin Exchange, Bitcoin Egypt recently announced that the exchange of Middle East’s most crowded country will go live by the end of this month. However the exchange will undergo a beta testing phase before becoming fully operational from 31st August.

In its first phase, the Bitcoin exchange shall support trading between Bitcoin and local currency but plans to expand scope to include more altcoins and additional fiat currencies in days to come. An exchange fee of 0.25% will be charged by this nascent Bitcoin exchange. This move comes at a time when government bodies around the world are still pondering over bringing proper regulation in the field of digital currency .

Also Read: Dubai to adopt Blockchain Technology completely by 2020

Electronic transactions have soared in Egypt but still a lion’s share of its 93 million population is devoid of any proper bank account. Thus in spite of the cryptocurrency breaking boundaries with surging prices, retailers cannot make use of the same as a payment mode. However exchange traders can transact in Bitcoins thus cashing on its ascent.

Rami Khalil, the founder of Bitcoin Egypt based out of Cairo holds the view that the cryptocurrency market in Egypt is in dire need of stringent government intervention and regulation without which it cannot suffice in the long run. He has said that the to-be launched exchanged has already received advance registration requests from approximately 300 users. The Egyptian Financial Supervisory Authority which regulates the financial market of the country could not be reached for comment on this burning issue.

Khalil along with Bitcoin Egypt co-founder Omar Abdelrasoul feel their platform will open the floodgates to thousands of Bitcoin aficionados who will be able to trade in Egyptian pounds for the first time since its value underwent significant depreciation in November under a loan programme of International Monetary Fund.

Khalil holds the view that the cryptocurrency rocket is bound to get launched with or without the aid of government. However in case the government does not warm up to this digital phenomenon then they shall be missing out on excavating the true potential of this $136 Billion worth market.

Cryptocurrencies do not depend upon banks or other financial users for transacting in peer-to-peer lending’s which occur under a veil of anonymity. The lack of central control lures in investors who want to function away from the purview of capital controls. This has made Bitcoin an instant hit in Chinese markets however off late government bodies are taking stern steps to cut down on money laundering and hacking.

The same market dynamics can foster the cryptocurrency market of Egypt where a steep shortage of hard cash has been on the upsurge since 2011. Although capital controls have been relaxed off late and liquidity has been infused in the Banking sector, business houses still resort to black market to meet their dollar requirements rather than going through the traditional banking process. Abdelrasoul feels that the latest cryptocurrency trend will educate people about this easily available alternative currency form which can go a long way in abolishing black market trade.

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