Egypt’s Central Bank Conducting ‘Feasibility Studies’ Around Digital Currency Issuance
By William Suberg The central bank of Egypt wants to introduce a digital version of the Egyptian pound to reduce costs, local English language news outlet Amwal Al Ghad reported Dec. 16. Ayman Hussein, sub-governor of the Central Bank of Egypt (CBE), told an Abu Dhabi conference on Sunday that “feasibility studies” were currently ongoing. In line with various authorities in the vicinity, Egypt believes a blockchain -based digital version of its fiat currency can help keep issuance and transaction costs to a minimum compared to coins and banknotes, Amwal Al Ghad notes. The move is one step in the journey to a cashless society. “A number of international institutions” are involved in the studies, Amwal Al Ghad reported Hussein as saying, “without disclosing names or specifying whether the anticipated currency would be traded for banks only or between banks and clients.” Egypt has traditional...