Egypt's Central Bank Law of 2020 contains one of the cleanest statutory prohibitions in the field: Article 206 bars issuing, trading, promoting, or operating platforms for cryptocurrencies without a license from the Central Bank of Egypt's board, and no such license has been granted. The prohibition sits atop a 2018 Dar al-Ifta fatwa declaring crypto trading impermissible and periodic CBE warnings, and it carries criminal penalties of imprisonment and substantial fines. Enforcement actions against traders and promoters recur, though peer-to-peer activity persists at meaningful scale amid currency pressure.
The carve-out matters mostly as an option: the licensing clause gives the CBE a lawful path to authorize activity, including a potential future CBDC-adjacent or tokenized framework, without new legislation. As of this review it remains unexercised.
The instruments
Central Bank and Banking System Law, Article 206
Prohibits issuing, trading, or promoting cryptocurrencies or operating related platforms without a CBE board license; none has been issued. Violations carry criminal fines and imprisonment.