Egyptian press reports say Egypt is progressing with a central bank digital currency (CBDC) project. The news comes as part of a government economic strategy document from 2024 to 2030. While the report has yet to be made available to the public, Ledger Insights confirmed the news via a government website summarizing the contents. It briefly states the e-Pound is planned by 2030.
Meanwhile, in August last year, the Central Bank of Egypt published the financial stability report for 2022. At the time, it stated it was in the process of implementing a CBDC and electronic know your customer (e-KYC). The primary motivation for CBDC is to head off cryptocurrency adoption. However, if it only launches in 2030, that might be too late. Egypt is engaging with several international organizations regarding the CBDC and is currently in the research phase.
As Egypt receives aid from the IMF, which helps numerous developing economies with CBDC research, the IMF likely is one of those international organizations.
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