{"id":565672,"date":"2021-04-22T13:25:10","date_gmt":"2021-04-22T13:25:10","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/22\/banks-can-start-issuing-deposit-backed-electronic-currencies-under-new-cbe-regs\/"},"modified":"2021-04-22T13:25:10","modified_gmt":"2021-04-22T13:25:10","slug":"banks-can-start-issuing-deposit-backed-electronic-currencies-under-new-cbe-regs","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/22\/banks-can-start-issuing-deposit-backed-electronic-currencies-under-new-cbe-regs\/","title":{"rendered":"Banks can start issuing deposit-backed electronic currencies under new CBE regs"},"content":{"rendered":"

<\/a> Commercial banks are now allowed to issue e-currencies under <\/strong>new<\/a><\/strong>regulations (pdf)<\/a><\/strong> announced by the central bank yesterday.<\/strong> 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 digital currencies will need to obtain prior approval from the CBE, develop an internal record-keeping system that can publish detailed audit logs, and keep an eye on how much e-currency is issued by setting a maximum that can only be changed after notifying the regulator, the CBE added.<\/p>\n

The move came as part of regulations to raise the daily limits on mobile wallet lending, withdrawal, and transfers, <\/strong>which we covered in today\u2019s AM edition<\/a>.<\/p>\n

Does the central bank still hate crypto? Yes, but this is an e-currency. <\/strong>The main difference being that crypto-currencies rely on a decentralized blockchain, while e-currencies are backed by a central bank. The CBE last month warned again against<\/a> cryptocurrencies after the recently-enacted Central Bank and Banking Act prohibited issuing, trading and promoting crypto in Egypt without special licensing. Want to know why central banks are getting in on e-currencies? <\/strong>Check out our explainer here<\/a>.<\/p>\n

FOR GOOD REASON TOO- The CEO of a big Turkish crypto exchange has gone missing \u2014 and <\/strong>100s of mns of USD may just have gone with him<\/strong>, Bloomberg<\/a> reports. The CEO and founder of Thodex has apparently jetted off to Albania as investigators try to figure out what\u2019s happened to him, to his exchange and to the money invested in it. The exchange has more than 300k users.<\/p>\n

NO RISK HERE, RIGHT? <\/strong>The Middle East is getting its first BTC exchange traded fund<\/strong> as Canada\u2019s 3iQ Corp is set to list its 3iQ Coinshares BTC ETF on the Nasdaq Dubai exchange, Bloomberg<\/a> reports. The company is hoping to raise over USD 200 mn through the move, which aims to unlock trading at all hours around the globe, CEO Fred Pye said. 3iQ has roughly USD 1.5 bn in assets, and listed on the Toronto Stock Exchange last year.<\/p>\n

What is a BTC exchange traded fund you ask? <\/strong>Much like a regular exchange traded fund, the BTC ETFs track the value of an underlying asset or index. The BTC fund mimics the value of BTC and trades on regular exchanges, not crypto exchanges, removing the hassle of getting involved in the storage and security procedures required from crypto investors. The US Securities and Exchange Commission has historically rejected<\/a> any BTC ETF application, but the first BTC ETF was launched in Canada<\/a> by Purpose Investments in February earlier this year.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":1,"featured_media":565673,"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":[10133],"tags":[204,271,344,518,633,7087,871],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-565672","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-crypto","tag-banking","tag-central-bank-of-egypt","tag-cryptocurrency","tag-digital-currency","tag-enterprisepm","tag-finance","tag-regulation-watch","wpautop","entry"],"acf":{"mongo_id":"c8e90d81-d066-495e-8a04-bb8af8c86a25","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/4\/490.jpg","photo_position":"above","related_issue":[565666],"teaser":"","voice_url":""},"yoast_head":"\nBanks can start issuing deposit-backed electronic currencies under new CBE regs - 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\/22\/banks-can-start-issuing-deposit-backed-electronic-currencies-under-new-cbe-regs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banks can start issuing deposit-backed electronic currencies under new CBE regs\" \/>\n<meta property=\"og:description\" content=\"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. 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Nasr said\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":595378,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/24\/usd-dominance-under-threat-as-digital-currencies-look-to-transform-global-financial-system\/","url_meta":{"origin":565672,"position":1},"title":"USD dominance under threat as digital currencies look to transform global financial system","author":"enterpriseam admin","date":"24 September 2019","format":false,"excerpt":"Is the dominance of the greenback under threat as digital currencies look to transform global financial system? A fundamental transformation of the global financial system may be underway as the adoption of digital currencies gains traction among governments and central banks across the world, Dave Michaels and Paul Vigna write\u2026","rel":"","context":"In "THE MACRO PICTURE"","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\/4\/258.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":589008,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/20\/imf-working-on-digital-currency-platform-for-central-banks\/","url_meta":{"origin":565672,"position":2},"title":"IMF working on digital currency platform for central banks","author":"enterpriseam admin","date":"20 June 2023","format":false,"excerpt":"The Fund\u2019s MD says interoperability is key to the success of digital currencies","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/1002.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590699,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/31\/what-impact-would-a-central-bank-cryptocurrency-have-on-our-global-banking-system\/","url_meta":{"origin":565672,"position":3},"title":"What impact would a central bank cryptocurrency have on our global banking system?","author":"enterpriseam admin","date":"31 December 2019","format":false,"excerpt":"What impact would a central bank cryptocurrency have on our global banking system? China\u2019s upcoming issuance of a central bank-backed cryptocurrency, which could happen in 2020, has the potential to profoundly disrupt the banking sector \u2014 with global impact, writes Andy Mukherjee in a Bloomberg opinion piece. The digital RMB,\u2026","rel":"","context":"In "Worth reading"","block_context":{"text":"Worth reading","link":"https:\/\/enterpriseam.com\/egypt\/category\/lifestyle\/worth-reading\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/12\/792.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":575469,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/10\/15\/global-central-banks-are-laying-the-foundations-for-a-digital-currency-revolution\/","url_meta":{"origin":565672,"position":4},"title":"Global central banks are laying the foundations for a digital currency revolution","author":"enterpriseam admin","date":"15 October 2020","format":false,"excerpt":"Global central banks are laying the foundations for a digital currency revolution: Thinking among global central bankers about how best to usher in national digital currencies has moved into higher gear over the past week, with both the Bank of International Settlements (BIS) (pdf) and the Financial Stability Board (FSB)\u2026","rel":"","context":"In "THE MACRO PICTURE"","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\/2020\/10\/170.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555920,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/03\/forget-about-crypto-central-banks-are-worried-about-their-own-digital-currencies\/","url_meta":{"origin":565672,"position":5},"title":"Forget about crypto \u2014 central banks are worried about their own digital currencies","author":"enterpriseam admin","date":"3 October 2021","format":false,"excerpt":"Central banks are still worrying about the effects of central bank digital currencies (CBDCs) on the global financial system: Adoption of national digital currencies could exacerbate financial crises in the future by intensifying runs on commercial banks, according to a report (pdf) by the Bank of International Settlements picked up\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565672","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=565672"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/565672\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/565666"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/565673"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=565672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=565672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=565672"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=565672"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=565672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}