ArabFinance: Commercial banks in Egypt are now allowed to issue e-currencies based on the Central Bank of Egypts (CBE) new regulations, CBE said in a statement.

Under the new regulations, 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.

Banks interested in issuing 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 move comes along with the CBEs regulations to raise the daily limits on mobile wallet lending, withdrawal, and transfers.

On April 22nd, the CBE raised withdrawal and transfer limits from mobile wallets.

Copyright 2021 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an as is and as available basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.