Egypt's First Bitcoin Exchange to Launch in Late August

FX168 Financial News Agency (Hong Kong) reported on Wednesday (August 16) that as the cryptocurrency speculation business in emerging markets continues to grow, Egypt has announced that it will open a new exchange later this month, promising to provide investors with better trading channels in the most populous country in the Middle East.

FX168 gives you the opportunity to become famous in one battle, do you dare to take it?

On August 31, Bitcoin Egypt, a cryptocurrency company founded by Rami Khalil and Omar Abdelrasoul, plans to open the country’s first exchange in Cairo. It is understood that the exchange will enter a beta testing phase before being fully operational.

In the early stages, Bitcoin Egypt will only support transactions between local currencies and Bitcoin, but it plans to support more fiat currencies besides the Egyptian pound. The new exchange will charge a fee equivalent to 0.25% of each transaction.

Bitcoin Egypt founder Rami Khalil said they are still waiting for the Egyptian government to come up with some kind of regulation. “There is no law and Bitcoin is not legal money in Egypt,” he added

Last month, the Central Bank of Egypt had already dismissed rumors that it would allow banks to handle cryptocurrencies such as Bitcoin. Last week, the head of Egypt’s financial regulator reiterated that the authority has no plans to authorize the use of virtual currencies.

But in a country with rampant inflation, reaching more than 30 percent by 2017, cryptocurrencies may offer some answers, rather than being seen as unregulated investment vehicles. Since digital currencies have not suffered from inflation like the local currency, with prices having fallen by half since a float in November, Egyptians are seeking a way to save money without the direction of evaporation.

Additionally, allowing startups like Bitcoin Egypt to advertise their initiatives could mean that attitudes are changing and that more entrepreneurs, like Rami Khalil and Omar Abdelrasoul, are eager to find new ways to capitalize on the demand and opportunities of Bitcoin.