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Monday, 10 June 2019

CoinTelegraph’s infographic on the history of crypto in Egypt

Thank you, CoinTelegraph for summarizing Egypt’s tumultuous history with crypto in a single beautiful image: We really love well-done infographics here at Enterprise, especially ones that manage to break down a complicated economic story into something easy to digest. CoinTelegraph gives us just that with a timeline of Egypt’s rather tumultuous history with cryptocurrency.

The accompanying article does an excellent job summarizing the government’s attitude towards crypto. From being highly suspicious — with the CBE and the EGX issuing warnings against transacting in it and even a fatwa being issued by Al Azhar — to actively moving to regulate the industry.

The conclusion: Just like ride-hailing, cryptocurrency is slowly moving out of the shadows, especially with recent reports that the industry would be regulated under the Banking Act. It fairly paints Egypt’s regulators as being cautious when it comes to disruptive technology on the one hand, while on the other hand not falling into the trap of Luddism.

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