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 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. 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.
