Founded by Rumi Khalil and Omar Abdelrasl, Bitcooney Egypt is planning to launch a bitcoin exchange this month. "The temporary launch date is Aug 31. Khalil said," If we are not fully employed, we will definitely be able to go through the Alpha exam. "Bitakayen.com
The first Bitcoin exchange in Egypt claims that it will be the country's first person. "There was no previous (registered) exchange before," he quoted in detail, "Everything is managed by peer-to-peer and now under the radar, it is now a 'black market' in Egypt."
At the beginning, the exchange will support only trade between Egyptian Pounds and Bitcoin "The fee will be a fraction of the transaction size (<0.25%)," Khalil said. The company plans to add support for the future of Ether, other altcoins, as well as other fatwas, next year followed by a payment service.
Only "primary contact information (full name, id number, address, etc.)" will be collected by the exchange, he mentioned in detail, "Because Bitcoin is technically a commodity in Egypt, we have no official KYC / AML regulation."
Bitcoin ecosystem in Egypt is currently small with a handful of business people listed in Bitcoin. However, Khalil said, "On online basis, actively activating Egypt on a daily basis and using Bitcoin, hundreds of people work." For accepting merchandise, he said that it is "virtually non-existent", "it is generally banned in its estimation. We are certainly looking for change in the attitude, and adopting adoption."
The authority warns
Last week, the chairman of the Egyptian Financial Watch Authority (EFSA) Sheriff Sami reiterated that digital currency like Bitcoin and Ethar are not authorized or supervised by the authorities, according to local publications. In the absence of the protection of legal and damages, any transaction with them carries a significant risk, the Chairman mentioned.
In June, the first Bitcoin exchange launch in Egypt was reported in June, that central banks were allowing the circulation and trading of digital currency, which promptly deposed the bank's deputy governor Lobna Helal.
Banker and economist Ashraf Ibrahim of Jagga University said to al-Monikar, "The central bank rejects this currency because the state can control local and foreign traditional currency and impose specific fees from their movements and from Egypt and transfer." With state-controlled currencies, "central banks can tax investments and trade activities produced by those funds, but can not do the same with Bitcoin," he stressed.
There are currently no digital currency laws
Khalil gave the news. Bitcoin.com said that "From private communication, the Finance Ministry can fully understand what Bitcoin is, and only has the potential problems of money laundering for it", and said that:
Officially, there are zero laws or regulation regarding digital resources / cryptocurrency. We're hoping to help shape their opinions and provide any assistance where needed.
He said, "Local banks are firmly saying that they do not have any plan to provide their Bitcoin services and they will not consider it a currency, but no one has ever stopped opening our bank account." (Our company's name is very clear).
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