{"id":561873,"date":"2021-04-25T04:00:37","date_gmt":"2021-04-25T04:00:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/25\/egyptian-traders-%e2%9d%a4%ef%b8%8f-btc\/"},"modified":"2021-04-25T04:00:37","modified_gmt":"2021-04-25T04:00:37","slug":"egyptian-traders-%e2%9d%a4%ef%b8%8f-btc","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/25\/egyptian-traders-%e2%9d%a4%ef%b8%8f-btc\/","title":{"rendered":"Egyptian traders \u2764\ufe0f BTC?"},"content":{"rendered":"<p><strong>Egypt\u2019s large unbanked population, its high volume of remittances, and economic<\/strong><strong> uncertainty caused by covid-19 could be driving accelerated Bitcoin trading<\/strong>, with peer to peer trading hitting an all time weekly high of EGP 3.2 mn in 1Q2021, according to a video report by trading platform LocalBitcoins (<a href=\"https:\/\/www.youtube.com\/watch?v=34BGTR8_Pnc\">watch, runtime 8:06<\/a>).<\/p>\n<p><strong>Crypto traders under the age of 34 are mainly responsible for driving increased trading volumes in Egypt<\/strong>, the report claims.<\/p>\n<p><strong>The Central Bank of Egypt is <\/strong><strong><a href=\"https:\/\/enterprise.press\/stories\/2019\/06\/10\/cointelegraphs-infographic-on-the-history-of-crypto-in-egypt\/\">open to crypto<\/a><\/strong><strong> \u2014 provided it can regulate it. <\/strong>The bank has warned that <a href=\"https:\/\/enterprise.press\/stories\/2018\/10\/24\/central-bank-of-egypt-sets-a-mandatory-10-active-e-wallet-quota-for-the-banking-sector\/\">trade in BTC is illegal<\/a> but has announced <a href=\"https:\/\/enterprise.press\/stories\/2018\/12\/19\/cbe-looking-into-issuing-digital-currency\/\">plans to potentially issue its own digital currency<\/a>.<\/p>\n<p><strong>Why is the CBE so cautious about crypto? Look no further than Turkey<\/strong>, where the collapse of a second crypto exchange, Vebitcoin, last week has left regulators vowing to crack down on the industry, as many Turks have sought to put their money in crypto as a hedge against skyrocketing inflation, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-04-24\/turkey-s-cryptocurrency-pain-grows-with-second-exchange-collapse?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> reports. The exchange cited deteriorating financial conditions for its closure and is now being investigated. Authorities have banned the use of cryptocurrency as a recognized form of exchange starting 30 April and have said more regulation is in store. <strong>Earlier last week, authorities launched an international manhunt for the CEO of another failed Turkish crypto exchange<\/strong>, Thodex, who <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c8e90d81-d066-495e-8a04-bb8af8c86a25\">fled the country<\/a> owing users USD 2 bn, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-04-23\/turkey-arrests-dozens-in-probe-of-crypto-exchange-collapse?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> reports.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt\u2019s large unbanked population, its high volume of remittances, and economic uncertainty caused by covid-19 could be driving accelerated Bitcoin trading, with peer to peer trading hitting an all time weekly high of EGP 3.2 mn in 1Q2021, according to a video report by trading platform LocalBitcoins (watch, runtime 8:06). Crypto traders under the age [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":561874,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[9835],"tags":[8882,344,72,218],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-561873","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-crypto","tag-cryptocurrency","tag-enterpriseam","tag-turkey","wpautop","entry"],"acf":{"mongo_id":"91bfe776-be13-4148-936c-489cafaf661f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/4\/251.jpg","photo_position":"above","related_issue":[561858],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Egyptian traders \u2764\ufe0f BTC? - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/25\/egyptian-traders-\u2764\ufe0f-btc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egyptian traders \u2764\ufe0f BTC?\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s large unbanked population, its high volume of remittances, and economic uncertainty caused by covid-19 could be driving accelerated Bitcoin trading, with peer to peer trading hitting an all time weekly high of EGP 3.2 mn in 1Q2021, according to a video report by trading platform LocalBitcoins (watch, runtime 8:06). Crypto traders under the age [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/25\/egyptian-traders-\u2764\ufe0f-btc\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-25T04:00:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/4\/251.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/25\/egyptian-traders-%e2%9d%a4%ef%b8%8f-btc\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/25\/egyptian-traders-%e2%9d%a4%ef%b8%8f-btc\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Egyptian traders \u2764\ufe0f BTC?\",\"datePublished\":\"2021-04-25T04:00:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/25\/egyptian-traders-%e2%9d%a4%ef%b8%8f-btc\/\"},\"wordCount\":224,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/25\/egyptian-traders-%e2%9d%a4%ef%b8%8f-btc\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/4\/251.jpg?fit=%2C&ssl=1\",\"keywords\":[\"crypto\",\"cryptocurrency\",\"EnterpriseAM\",\"Turkey\"],\"articleSection\":[\"CRYPTO\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/25\/egyptian-traders-%e2%9d%a4%ef%b8%8f-btc\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/04\/25\/egyptian-traders-%e2%9d%a4%ef%b8%8f-btc\/\",\"name\":\"Egyptian traders \u2764\ufe0f BTC? 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The latest chapter of the International Monetary Fund\u2019s (IMF) Global Financial Stability Report (pdf) acknowledges that\u2026","rel":"","context":"In &quot;THE MACRO PICTURE&quot;","block_context":{"text":"THE MACRO PICTURE","link":"https:\/\/enterpriseam.com\/egypt\/category\/the-macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/367.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":585210,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/12\/traders-rush-into-long-oil-positions-after-opec-cut\/","url_meta":{"origin":561873,"position":1},"title":"Traders rush into long oil positions after OPEC+ cut","author":"enterpriseam admin","date":"12 April 2023","format":false,"excerpt":"Net-long wagers on Brent crude see near-record increase","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/535.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545143,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/07\/your-guide-to-the-world-of-crypto-slang\/","url_meta":{"origin":561873,"position":2},"title":"Your guide to the world of crypto slang","author":"enterpriseam admin","date":"7 March 2022","format":false,"excerpt":"Everything you need to know to sound like a certified Crypto Bro: The rise in popularity of crypto assets in recent years has been accompanied by the growth of an entire subculture of crypto enthusiasts and the subsequent creation of so-called \u201cCrypto Slang.\u201d This new language, now used by investors,\u2026","rel":"","context":"In &quot;WHAT\u2019S NEXT&quot;","block_context":{"text":"WHAT\u2019S NEXT","link":"https:\/\/enterpriseam.com\/egypt\/category\/whats-next-2\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/444.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565672,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/22\/banks-can-start-issuing-deposit-backed-electronic-currencies-under-new-cbe-regs\/","url_meta":{"origin":561873,"position":3},"title":"Banks can start issuing deposit-backed electronic currencies under new CBE regs","author":"enterpriseam admin","date":"22 April 2021","format":false,"excerpt":"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.\u2026","rel":"","context":"In &quot;SPEED ROUND: CRYPTO&quot;","block_context":{"text":"SPEED ROUND: CRYPTO","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-crypto\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/4\/490.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":551057,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/23\/insider-trading-is-emerging-as-a-big-problem-in-crypto-save-money-on-your-subscriptions-by-going-for-family-plans\/","url_meta":{"origin":561873,"position":4},"title":"Insider trading is emerging as a big problem in crypto + Save money on your subscriptions by going for family plans","author":"enterpriseam admin","date":"23 May 2022","format":false,"excerpt":"Surprise: Crypto traders may have been playing dirty. Some crypto traders have seemingly been cashing in on insider knowledge to make major returns on market news, the Wall Street Journal reports citing analysis from software firm Argus, which offers companies tools to manage employee trading. One crypto wallet netted a\u2026","rel":"","context":"In &quot;FOR YOUR COMMUTE&quot;","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/513.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":556690,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/11\/crypto-addicts-head-to-rehab-fish-poop-can-reduce-carbon-in-the-atmosphere\/","url_meta":{"origin":561873,"position":5},"title":"Crypto addicts head to rehab. + Fish poop can reduce carbon in the atmosphere.","author":"enterpriseam admin","date":"11 October 2021","format":false,"excerpt":"SIGN OF THE TIMES- Crypto trading addicts now have a rehab center in a castle in Scotland: Castle Craig Hospital provides treatment for people addicted to trading cryptos such as BTC and Ethereum, a niche designated under the gambling addiction umbrella, the hospital announced. The symptoms of crypto addicts include\u2026","rel":"","context":"In &quot;FOR YOUR COMMUTE&quot;","block_context":{"text":"FOR YOUR COMMUTE","link":"https:\/\/enterpriseam.com\/egypt\/category\/for-your-commute\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/383.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/561873","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=561873"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/561873\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/561858"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/561874"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=561873"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=561873"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=561873"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=561873"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=561873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}