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The 6 CBE rules for issuing electronic currencies

The permission is only limited to banks under CBE supervision and upon its consent.
© Egypt Business Directory
 

 

The Central Bank of Egypt gave its permission to banks to issue electronic currencies, however under certain conditions:

1. Each coin in the mobile payment service must be equal to 1 Egyptian Pound.

2. The permission is only limited to banks under CBE supervision and upon its consent.

3. The banks will have a system that record of the values issues, users and service providers.

4. To issue the currencies, the bank must have deposits in Egyptian pounds, no less in value than the electronic units.

5. The currencies are to be stores on electronic devices and media and to be accepted as payment method by the issuing bank, users and entities.

6. The currency should be exchangeable to cash in Egyptian pounds.