BitCoin Egypt is planning to launch Egypt’s first registered bitcoin exchange by the end of August, according to Startup MGZN. The exchange will reportedly start trading between local currency and bitcoin. One of the founders says he believes bitcoin “was still a commodity in the country and technically it was not a subject of any formal regulations.” The central bank had denied allowing bitcoin to be traded through the formal banking system in June, with deputy governor Lobna Helal saying the banking system handles official currencies only.

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