Skip to main content

 Egyptians are buying bitcoin ignoring the new banking prohibition laws

Despite the recent new banking law, Egyptian crypto trading volume and exchange sign-ups increased tremendously these past months, capping up an already high volume in January 2020.

The U.K based cryptocurrency exchange rose by about 250% in January form the past month.

Konstantin Anissimov, the firms executive director made it known that bitcoin (BTC -3.63%) Trading volumes in Egypt on had more than  400% from December to January, also other crypto platforms in the country experienced such trends.

For Other peer-to-peer crypto trading platforms like LocalBitcoin and Paxful, the rise was more gradual. The platform experienced steady growth in public trading. On local Bitcoins, new users registrations and trading volumes were up 100% between 2019 and 2020 in Egypt, says Jukka Blomberg, the firms chief marketing Officer.

According to the CMO, in terms of new Egyptian users and trading volumes, January 2021 was the best most in the last 3years.

Statistics have shown that Egypt has a large amount of unbanked population. World Bank report in 2018 on financial inclusion showed that up to 67% of the population above teenage do not have bank accounts. Egypt was also one of the top countries with high remittance globally (behind China, Mexico and the Phillippines)receiving about $29 billion, according to a 2019 report by the World Bank report, unbanked adults in Egypt received domestic remittances through cash or over-the-counter services.

The central bank prohibition has obviously not stopped Egyptians from buying more crypto instead, there is a dramatic rise in demand. According to Bloomberg, when a country faces political or economic challenges they tend to adopt the use of cryptocurrencies.

In certain emerging markets like Argentina and Nigeria, where high inflation and restrictions on foreign currency exchange in 2020 made the value of local currencies like bitcoin in search of a stable asset to their wealth which led to the high adoption of cryptocurrencies.

An Egyptian miner told AI Monitor back in September that "thousands of Egyptians" who are unemployed choose to mine and trade bitcoin since it doesn't require huge capitals to start.

Those who believe in cryptocurrencies will definitely find a  way to lay their hands on it no matter the restrictions.


Popular posts from this blog

  Pick a niche The Blockchain and Crypto space is large and full of opportunities. Most people limit the industry to just a place to trade and make quick cash little do they know that you can actually build a career and achieve much more. There's a lot of skills required in blockchain technology. Firstly, you can become a trader, a day time trader or night trade it all depends on your schedule. You can actually make 10 to 20% of your capital daily or even more depending on the volume of your capital and trading strategy. you can become an investor who spots good coins and invests in a project you believe will do well, you can hodl, meaning you can buy and hold for short or long term period.  OTC trading is actually underrated, you can become an over the counter trader by just buying and selling cryptocurrency through the P2P Platforms or escrow groups, there's a lot of money to be made here if you move volumes on a daily. You can become an expert in technical analysis and give
WHAT YOU NEED TO KNOW ABOUT  NON FUNGIBLE TOKENS NFTs (or "non-fungible tokens") are a kind of digital asset with a unique kind of token-unlike other assets like bitcoin and dollar bills which have a particular and fixed amount that is accepted by all, NTFS have a unique price for every token. Every NFT is Unique, they can be used to authenticate ownership of digital assets like musical records, artwork, virtual real estates and pets. NFTs could be likened to a kind of certificate of authenticity for digital artefacts. They're are actually been used to sell a huge range of collectables currently including: *A tweet by Dallas Mavericks owner and entrepreneur Mark Cuban. *Video art by Grimes *The Original "Nyan cat" meme *Virtual real Estate in a place called Decentraland  and others...   As other digital assets like Bitcoin and other cryptos has grown in popularity over the years, NFTs have also soared — growing to an estimated $338 million in 2020. Each NFT is s

Understanding Tokens And Coins

WHAT ARE COINS AND TOKENS In cryptocurrency, coins are native to their own blockchain, Which are often used as money. whilst tokens have been built on another blockchain like Ethereum or waves. Entering the cryptocurrency market can be complicated, hearing about bitcoin and a thousand other coins that exist could also be a strong bone to swallow at a time. Thus in other to have a smooth ride in the space, first identify the difference between a coin and a token. what is a coin? : Coins refer to any cryptocurrency that has an independent blockchain-like bitcoin. These cryptocurrencies are built from the scratch. Bitcoin exists as a censorship-resistant store of value, and medium of exchange that has a secure, fixed monetary policy. Making bitcoin the most liquid cryptocurrency in the market and has the highest market cap in the cryptocurrency sector. Ethereum is another example of a coin, ETH is the native coin of the Ethereum ecosystem and smart contract platform for creating general-