Egypt is preparing to catch up with many countries in the world in the use of digital currencies as part of plans to consolidate financial technology, which has become a refuge to complete banking and commercial transactions without the need for banknotes despite the challenges that may stand in the way of implementing the step.
The Central Bank of Egypt is considering issuing the digital pound in cooperation with the IMF and the World Bank, as the move comes within the framework of the central bank's efforts to promote the transition to the digital economy and expand the scope of instant electronic payments between individuals and companies without the need for intermediary.
The digital pound will be available via mobile devices for transfers, trade, and exchange of funds between individuals and institutions, and will reduce the issuance of fiat currencies.
Source (Al-Arab Newspaper of London, Edited)
