The Federation of Egyptian Banks (FEB) and the Federation of Egyptian Industries (FEI) are drafting legislation to help Egypt’s transition away from cash dependency, Thebes Consultancy Managing Director Ziad Bahaa El Din announced yesterday, Al Mal reports. Speaking at the FEB’s second annual conference on moving towards a cashless economy, Bahaa El Din said the bill would offer incentives for the switch and set the framework for the transition to take place gradually. The legislation would also outlaw using cash for specific transactions, including government payments and receiving or repaying loans. The House Planning and Budget Committee is also prepared to cooperate with the FEI, FEB, and Thebes to reach a “feasible” draft of the bill, committee head Hussein Eissa said at the conference, according to the newspaper.

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