Around 4% of all internet users in Egypt own some form of digital currency, according to We Are Social’s Digital in 2019 report. Egypt’s internet users who engaged in e-commerce with any device was 47%, while those who bought something with using their mobile phones was 32%. The report estimated that the number of Internet users in the country is around 54% of the population.

The tiny number of crypto users in Egypt shouldn’t come as a surprise, given it’s still illegal as a medium of exchange. This may be changing though, after the Cabinet approved last October the draft Banking Act which would grant the Central Bank of Egypt (CBE) powers to regulate the use of crypto. The draft is currently with the House Economic Committee for review before it is passed to the general assembly for a vote.

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