Investing in paper currencies in Egypt is not defined. Despite the great demand from investors to trade paper currencies, especially with the increase in profits resulting from them within a short period, this investment in Egypt is controlled by the laws of the Central Bank, which warns of the negative aspects of these currencies on The national economy is based on ignorance of the source of these currencies and fake contracts.
Investing in fiat currencies in Egypt
Investing in paper currencies in Egypt is one of the best modern investment opportunities, as it has opened many doors for great material profits, especially with the many types of paper currencies, on top of which is the Bitcoin currency, which has witnessed a significant rise, especially with the rise in the price of the dollar, and despite the dealing of many countries with digital currencies. However, investing in paper currencies in Egypt remained prohibited by the decision of the Central Bank, which believes that these currencies of unspecified sources will negatively affect the economy as they cancel the role played by banks.
Investing in paper currencies in Egypt The ban of the Central Bank from dealing with digital currencies was not limited to a mere warning, but there is a law in Egypt that stipulates the punishment of imprisonment and the payment of a fine in case of dealing in these currencies, as economists in Egypt believe that paper currencies are not subject to any control Or an authority, as it is not issued by any central bank, and this means that there are no laws regulating its trading movement. Therefore, it is possible for the investor to lose all his money suddenly and permanently and cannot be compensated.
It also warns in Egypt to deal with these currencies as intangible virtual currencies and do not have sequence numbers like traditional currencies, and the instability of paper currency prices is one of the most important reasons for banning their use in Egypt, in addition to the possibility of electronic penetration of currency cards investing in paper currencies in Egypt.
Despite the Central Bank’s objection for many years past to the use of paper currencies, under the new banking law, the bank agreed to trade them, but with customers obtaining the necessary licenses and establishing legal foundations and rules regulating dealing with these currencies to provide full protection for customers’ rights, provided that the Bank’s Board of Directors enact these rules.
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