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Egyptians Invest in Bitcoins Amid Stagnated Incomes

January 14, 2018
A small toy figure is seen on representations of the Bitcoin virtual currency in this illustration picture, December 26, 2017. REUTERS/ Dado Ruvic/Illustration

While the world is witnessing a boom in the cryptocurrency exchange rates soaring over a value of $US 16,000, Egyptians have been joining the financial trend with eyes on its risks. With a population reaching 104 million, according to the latest report by the Central Agency for Public Mobilization and Statistics (CAPMAS), 21.7 million people fall under the youth sector accounting for 48.5 percent of the total workforce with a minimum wage averaged at EGP 1200. Egypt’s stagnated income rates push youth to find jobs in the private sector and seek alternative ways to secure more money to build a sustainable financial future. Many Egyptians started exploring the once shady underground world of cryptocurrency exchanges and understood how to engage in successful investments. Cryptocurrency exchanges are not controlled by a central bank; transactions are regulated by international payments by mining, the process by which transactions are verified. The independent currency allows direct interaction between users and traders with no intermediate. Co-founders Amr Khalil and Omar AbdelRasoul launched Bitcoin Egypt in August 2017 introducing the cryptocurrency market to the Egyptians. Soon after, Central Bank of Egypt (CBE) announced that it has no intention of issuing legislation…


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