SPEED ROUND: CRYPTO

Banks can start issuing deposit-backed electronic currencies under new CBE regs

Commercial banks are now allowed to issue e-currencies under newregulations (pdf) announced by the central bank yesterday. One unit of those currencies has to be equal to EGP 1 when used for mobile payments, and every single unit in circulation must be backed one-to-one by physical deposits, the CBE said. Banks who want to issue…