Page 51 - Issue 72

V O L .1 E L I T E ISSUE 72

Bitcoin Africa: Is Egypt missing the train?
A vision for the future of digital currencies in the Egyptian economy

Maryam Azzam - Statistics - Fourth Year

Despite the challenges that some countries But the most important question is not
such as developing countries may face why we are lagging behind.
realizing the importance of the According to the Central Bank of Egypt,
intervention of the digital revolution has the remittances of Egyptians abroad have
become a necessary solution for fear that reached a figure that exceeds $30 billion
these countries will sink into the depths of annually, and of course this figure is
technological stagnation At the moment. wasted in exorbitant brokerage

financial transformations are witnessing a commissions, promising youth projects
historic leap, and here we are talking not are dying due to lack of funding, and
only about developed countries, there are global technological investments
While Nigeria was launching Africa's first heading to African countries that are
official digital currency, Egypt's central steps ahead of us.
bank was issuing warnings against dealing Although Egypt has a lot of precious
in cryptocurrencies.... A scene that sums projects and opportunities that can be
up a shocking paradox: there are those compatible with solutions that may be the
that are trying to break down the barriers obvious opportunity for us now to catch
of traditional finance and look to the up with this progress :
future, while Egypt- the largest Arab For example, Egypt has one of the
economy- remains trapped between fear world's greatest solar potential (especially
and anticipation. in the Western Desert) It could become a
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