Financial Regulatory Authority (FRA) Chairman Mohamed Omran warned against calls to invest in cryptocurrencies, describing such a move as “fraud” and those who engage in it could be held liable under the law. In a statement on Tuesday meant to warn investors against rushing into Bitcoin-mania (Bitcoin prices breached USD 17,000 mark yesterday), Omran noted that mystery still surrounds these currencies, citing major warnings from numerous banking and supervisory authorities against them, including the International Organisation of Securities Commissions. Omran said that amendments to the Capital Markets Act had been made to allow for futures trading and other financial instruments. Any other instruments will require further legislative amendments, in a reminder that cryptocurrencies still remain outside the purview of the law in Egypt. Omran lends his voice to that of the central bank, which has issued repeated warnings on the legal status of cryptocurrencies (and lack thereof).

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