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Egypt may release its own stablon

The Central Bank of Egypt is conducting a feasibility study the possibility of issuing stablon — digital versions of the Egyptian pound. According to the regulator, it may significantly reduce budget expenditures for the production and service of Fiat currency, and to increase the transparency of calculations. This was announced by Deputy Chairman of the Central Bank of Egypt Ayman Hussein.

As noted by Egyptian officials, the use of digital currencies based on the blockchain can help to reduce the transaction costs to a minimum, compared to coins and notes.

The study of the Central Bank involved several international institutions, have added a portal Amwal Al Ghad. However, the publication did not specify for what purposes you intend to use a digital Egyptian pound only for transactions between banks or for individual users.

At the same time, in the Egyptian Central Bank stressed that there are no “rules or laws” that were “allowed” to conduct transactions with cryptocurrencies in the country.


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