Penalty for trading digital currencies in Egypt 🔥
Currently, trading digital currencies in Egypt is prohibited. This ban comes within the framework of the Central Bank of Egypt's efforts to regulate the financial sector and protect traders from potential risks associated with these currencies.
Article 206 of the Central Bank and Banking System Law
Article 206 of the Central Bank and Banking System Law No. 194 of 2020 is the main article governing this ban. This article states that:
"It is prohibited to issue, trade, promote, create or operate platforms for trading cryptocurrencies or electronic money or carry out activities related to them without obtaining a license from the Board of Directors in accordance with the rules and procedures it determines."
Prescribed penalties
* Imprisonment and fine: Article 225 of the same law stipulates that whoever violates the provisions of Article 206 shall be punished by imprisonment and a fine of not less than one million pounds and not exceeding ten million pounds, or by one of these two penalties.
* Recidivism: In the event of recidivism, the perpetrator shall be punished by imprisonment and a fine together.
Advice to all my Egyptian sisters 🫡
Work in silence, don't tell anyone about anything
Be like a ghost, all your transactions are B2B
Otherwise, you will be locked up all the time, create an Instagram account
And have cash wallets, and when you withdraw, distribute the amounts to them
If your investment grows over time and you don't open it in transportation
And she is proud
