Egypt's Bitcoin scene seemingly growing despite looming uncertainties

In a widely reported announcement, the founders of Bitcoin Egypt said in August that their project would be launched later in the month, suggesting that the North African country might now be leaning toward a friendly approach to the world's leading cryptocurrency.

However, the excitement over what was meant to be the first platform for buying and selling Bitcoin in Egypt soon subsided, with the Central Bank of Egypt (CBE) refuting such speculation and reiterating that it will not regulate digital currency dealings.

"This virtual currency is not guaranteed by the banking sector […] and dealing with it is the responsibility of its users," the statement said.

A message on the Bitcoin Egypt website later read, "We are facing delays and no longer confirm a launch date."

One of the founders, Omar Abdel-Rasoul, declined to speak about where his project stands "until the situation is legally resolved."