The Egyptian Central Bank's warning about the trading of cryptocurrencies has sparked various reactions on social media platforms within the country. Some consider the decision crucial for safeguarding the Egyptian economy from significant fraudulent activities, such as money laundering and smuggling. On the other hand, others believe that behind this decision lies an increase in Egyptians' overseas transfers using undisclosed or untaxed digital currencies.

Central Bank Statement: The social media community reacted after the Central Bank issued a cautionary statement regarding what it referred to as the "phenomenon of cryptocurrency trading through certain regional and international platforms that have been noticeably promoted locally in recent times."

The Egyptian Central Bank stated, "It reiterates its warning against dealing with all types of virtual cryptocurrencies due to the high risks associated with them, including their value fluctuations and use in financial crimes and cyber piracy."

According to the statement, the "Banking Law and the Banking System Law of 2020 prohibit the issuance, trading, promotion, establishment, or operation of platforms for trading in cryptocurrencies or the execution of related activities."

Those who violate the instructions of the Egyptian Central Bank "will be subject to imprisonment and a fine of no less than one million pounds and not exceeding ten million pounds, or one of these penalties."

Social Media Buzz: The Central Bank's statement has triggered widespread reactions on social media platforms in Egypt.

Some users have affirmed that "the real reason behind this statement is the increase in Egyptians' overseas transfers using digital currencies that are being transferred without taxes."

Cryptocurrencies in Egypt: In 2020, the Egyptian Central Bank and the banking authority, as per Law No. 194, prohibited dealing with any cryptocurrencies, trading, promotion, establishment, or operation of platforms for trading them, or execution of related activities.