Central Bank of Egypt considers issuing digital pound: Official

The digital pound can be used in transactions, trade, and money exchange between individuals and institutions via mobile phones

Staff Writer, Arab Finance

November 28, 2023

PHOTO

The Central Bank of Egypt (CBE) is studying issuing the digital pound, in cooperation with the International Monetary Fund (IMF) and the World Bank, with the aim of boosting the country’s digital transformation, a government official told Asharq Business.

The digital pound can be used in transactions, trade, and money exchange between individuals and institutions via mobile phones, in addition to reducing the issuance of banknotes, the official noted.

He added that the studies would take some time, yet they are taking the right path.

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.