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Wednesday, 19 December 2018

CBE looking into issuing digital currency

Central bank still poking into crypto: The CBE is still working on feasibility studies on the potential issuance of a digital currency, Sub-Governor Ayman Hussein said earlier this week, positioning the study as part of the Sisi administration’s drive toward a cashless society. The sub-governor did not name the international institutions the CBE is working with or provide details on whether the currency would only be used in inter-bank transactions or made available for public use and trading. The story was picked up by Cointelegraph.

Background: The CBE has previously slammed cryptocurrency on more than one occasion, warning of the high risks (pdf) involved due to price volatility and a lack of governmental supervision. Hussein first hinted back in October that the CBE was mulling a policy shift. The CBE’s crypto study comes after Sweden’s central bank governor recently made the case for why central banks should investigate state-issued e-currencies (pdf).

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