Abdel Rahman Mohamed - Cairo
There is no real "Egyptian" currency among Egyptians, as in other countries, where experts and observers believe that the weakness of the demand and the decline caused by official and unofficial warnings of the risk of storming this market and unsafe.
The Central Bank warned against dealing with the digital currencies, especially the pettiness. However, the failure to take clear actions against the illegality of these transactions prompted some Egyptians to take part in this process, hoping to make a quick profit and a defeated reality from the various forms of investment in Egypt.
From time to time, local media in Egypt are reporting on the Egyptian authorities' ability to control the attempt to smuggle coin-switching devices, which, according to these methods, are contrary to the law of the Central Bank and the banking system.
There is no accurate statistics of the number of Egyptians speculators in this market, but local media sources reported - the site of the "Queen Dance" specialized in tracking the news of digital currency encrypted - a limited increase in the circulation of Egyptians to the developers, the amount of investment to one million pounds (56 thousand) Dollar), which economists considered weak participation.
| Abdulmutallab: Investing in digital currencies is a form of unsafe speculation (Al Jazeera) |
Gain and loss
Among the Egyptians speculating in the mint currency, Sameh Abu Ali (pseudonym) describes his experience of breaking into the world of digital currencies, which he started nearly six months ago as "exciting and exciting, but frightening and exhausting" after nearly a year-long follow-up.
Speaking to Al Jazeera Net, Abu Ali tells how the start was when there was a big drop in the price of "Bettokeen" in a tempting manner, after the follow-up gained him the realization that the price is expected to rise again, to start investing $ 50 dollars, and with the succession of successes and failures, Two thousand dollars.
Abu Ali recalls the moments of frustration that accompany the loss and the moments of joy that followed the gains, which left a great impact on him and has prevented him from sleeping regularly during the past three months. With the recurrence of these cases, Abu Ali has become more receptive to the matter and ready to deal with any development.
Abu Ali justified his entry into this field and accepted his risk and readiness for high risk, the recession and decline in the Egyptian investment market and the devaluation of the pound against foreign currencies, in addition to the Egyptian regime imposed a lot of taxes in the recent period, making dealing in digital currencies an acceptable and alternative adventure Best.
Earlier this year, the Mufti of Egypt, Shawki Allam, denied the circulation of the "petkin" as a "mediator unacceptable for exchange and includes damages of jealousy, ignorance and hidden deceit." He stressed in a statement that the issuance of the currency is the right of the guardian or his representative of monetary institutions, Dealing with this currency is one of the "legal prohibitions".
| An official at the Central Bank of Egypt pointed out that the bank is considering issuing a digital currency (Al Jazeera) |
Central Digital Currency
Aiman Hassan, the Egyptian central bank's deputy for the payment systems sector, said that the bank is considering issuing a digital currency from the Egyptian pound in the coming period, in line with Egypt's fiscal policy aimed at controlling intra-market trading and facilitating electronic financial services.
This comment was considered by the economist Abdul Nabi Abdul Muttalib "unclear", pointing out that it may be intended to facilitate dealing via the Internet or means of payment for e-commerce, not a digital currency to trade in financial markets or money markets, both local and global.
Abdul-Muttalib, in his speech to Al-Jazeera Net, does not see the circulation of digital currencies as an investment subject to its considerations and conditions. Rather, it is a form of unsecured speculation that is similar to speculation in equities and currencies in order to seek quick profits with great risk.
Out of range
In this context, the banker and economic analyst Sharif Othman, Egypt is outside the world of digital currencies, and does not imagine approaching in the near term, being a technological late.
Othman, a former official at the Central Bank of Egypt, points out that officials in the Egyptian banking system are merely implementing the orders of the central bank, which is currently under the supervision of the two parties (the presidency and the intelligence services), so they will not support any opinion they may help finance the opposition.
| Othman: Egypt outside the world of digital currencies (Al Jazeera) |
The Egyptian banker, in his interview with Al Jazeera Net, said that the volume of Egyptian transactions in these currencies is very small and does not represent any significant percentage in this market, due to the fact that the investment for them is not safe.
Fraud in more secure environments in the Egyptian banking environment is also fueling fears of an intrusion into the encrypted digital world.
Economist Mustapha Shaheen, an economics professor at the Oakland Academy, said investing in digital currencies for Egyptians was "unwelcome and should not be supported or encouraged." It is - in his opinion - one of the tools of fraud and fraud on them, for lack of mechanism and the appropriate environment for this investment for them.
Shaheen points out that despite the great difference between the Egyptian and American environments in favor of the latter, the extent of dealing with these currencies for the Americans is still limited and little, because these currencies are volatile and unstable.