Since the Egyptian Revolution of 2011, the country has been in a state of flux. The Central Bank of Egypt has been trying to stabilize the economy, but has been largely unsuccessful.
Inflation is high, and the Egyptian pound has lost a lot of value. This has led many Egyptians to look for alternative forms of investment, including Bitcoin.
Bitcoin is a decentralized digital currency that is not subject to the whims of central banks or governments. Bitcoin is also not subject to inflation, because there is a limited supply of 21 million Bitcoins that will ever be mined.
This makes Bitcoin an attractive investment for Egyptians who are looking for a stable store of value.
However, it is important to note that Bitcoin is not currently legal in Egypt. The Central Bank of Egypt has issued a warning against using Bitcoin, and has said that it will not recognize it as a legal currency.
This means that any businesses that accept Bitcoin could be breaking the law.
Despite this, there are still some businesses in Egypt that accept Bitcoin, and it is possible to buy and sell Bitcoin on various exchanges. It is also possible to find people willing to trade Bitcoin for Egyptian pounds on sites like LocalBitcoins.
At this time, it is unclear how long Bitcoin will remain illegal in Egypt. The Central Bank has said that it is monitoring the situation, and may change its stance on Bitcoin in the future.
For now, however, anyone looking to invest in Bitcoin in Egypt should do so with caution.