By 
Recent reports from the Egyptian press indicate that Egypt is actively advancing its central bank digital currency (CBDC) project. This development is part of the government’s broader economic strategy outlined in a document covering the period from 2024 to 2030. While the full report is yet to be disclosed to the public, confirmation of the CBDC initiative has been obtained through a government website summarizing its key points, revealing plans for the e-Pound’s introduction by 2030.
Last August, the Central Bank of Egypt had already signaled its intent to implement a CBDC and electronic know your customer (e-KYC) system, as mentioned in the financial stability report for 2022. The primary motivation behind embracing CBDC is to proactively address the potential adoption of cryptocurrencies within the country. However, with the projected launch set for 2030, some voices suggest that this timeline might be cutting it close.
Egypt is actively engaging with various international organizations as part of its CBDC exploration and is currently in the research phase. Given Egypt’s collaboration with the International Monetary Fund (IMF), which frequently supports CBDC research for many developing economies, it is likely that the IMF is one of the international entities assisting Egypt in this endeavor.
Comments