National Bank of Egypt Executive Highlights Distinction Between Digital and Cryptocurrencies

Tuesday 5 May 2026 12:55

Yehia Aboul Fotouh, Deputy Chairman of the National Bank of Egypt, emphasized the need to distinguish between digital currencies and cryptocurrencies, noting that while the banking sector is undergoing rapid digital transformation, cryptocurrencies present fundamentally different risks and regulatory challenges.

Speaking at a seminar titled “Discussion on Digital Currencies,” organized by the Egyptian Center for Economic Studies, Aboul Fotouh stated that cryptocurrency transactions remain legally prohibited in Egypt, representing a primary barrier to their adoption.

He highlighted additional concerns surrounding cryptocurrencies, including high price volatility, liquidity risks, and limited mechanisms for investor protection. He also raised questions about accountability, particularly regarding recourse in cases of financial loss or fraud.

At the same time, Aboul Fotouh pointed to promising opportunities associated with digital financial innovations, including enhancing financial inclusion, reducing the cost and time of cross-border transfers, and leveraging blockchain technology in areas such as trade finance.

The remarks reflect ongoing discussions within Egypt’s financial sector on balancing innovation with regulatory oversight.