The Central Bank of Egypt (CBE) has announced that it has formed work committees from all relevant ministries and national authorities, under its chairmanship, to study the possibility of launching a digital currency.
The CBE said in its financial stability report that it has made progress in studying this project and that it is cooperating with several international institutions in this regard.
The CBE aims to launch a digital currency as a safe and stable alternative to other types of cryptocurrencies, which pose a set of risks. The CBE also wants to prevent the spread and trading of cryptocurrencies that are not regulated by the CBE.
The CBE is also working on launching the “Know Your Customer” project, which will enable customers to create an electronic financial identity and verify their data electronically. This will allow them to open a bank account online without visiting a branch.
Another project that the CBE is working on is the digital savings and lending project, which will enable customers to borrow and save through their mobile phone wallets. The project will use a secured channel based on the customers’ credit behavior. The CBE has issued the rules for this service and is working with iScore to complete the technical aspects of the project.
