Cryptocurrency in Egypt

Cryptocurrency is digital money that works with a system of blockchain, without depending on traditional banks, which is gaining global attention for the right reasons. In Egypt, cryptocurrency trading is starting to catch up, but it is heavily banned by the government from investments and trade.

As of March 2025, more people are interested because it could help with things like sending money home from abroad or making investments. This blog is for people new to crypto, those wanting to invest, or anyone curious about how it works in Egypt. It matters here because Egypt gets over $30 billion a year from workers overseas, and crypto could make that easier and cheaper.

Who’s Using Crypto in Egypt?

In Egypt, crypto isn’t something everyone uses—it’s mostly young people, tech fans, and families with relatives abroad who like it. About 3 million people (around 3% of Egyptians) own some crypto, according to a 2024 report. That’s small but growing. People use it to send money home, try to make a profit by buying and selling, or trade with each other. Banks charge high fees (up to 7%) for sending money, so crypto is a faster and cheaper way. Some buy it hoping the price goes up, especially since the Egyptian pound has lost a lot of value (over 50% since 2022). Big moments, like the government’s 2020 blockchain plans or scams in 2023 that tricked people, have made some excited and others nervous.

How Big Is the Crypto Market?

It’s tough to know exactly how much crypto is in Egypt because it’s not legal, but it’s getting bigger. More than 60% of people use the internet now, and young Egyptians are driving interest. Bitcoin and Ethereum are the favorites because they’re well-known, and Ripple is popular for sending money.

Big websites like Binance and Bybit are where people buy and sell crypto. Egypt doesn’t have its own crypto companies because of the rules, but some local people help others trade quietly, and social media is full of crypto chatter.

What the Government Thinks

The government in Egypt says “No” to crypto. In 2017, the Central Bank of Egypt (CBE) banned it, saying it could be used for bad things like hiding money or crime. They use laws about banks and money to stop it. If you use it, you might get in trouble, but they don’t catch everyone. Lately, in 2023, the CBE talked about making its own digital money someday, which might mean they’re thinking about changing the rules. Nothing’s set yet, though.

Where People Trade Crypto

Since Egypt doesn’t have its own crypto websites, people use big ones like Binance and Bybit. These let you trade with others using apps like Fawry or Vodafone Cash, which are common here. They’re easy to use, have small fees (like 0.1% on Binance), and offer security like extra passwords. But because it’s not allowed, there’s a chance your account could get locked if the government notices. Still, many use them anyway.

Which Cryptocurrency People Use

Cryptocurrency trading is not seen on Egypt's financial market, still, some risk-takers trade cryptos on international platforms through VPNs. Some of the popular cryptocurrencies that rank among a few Egyptian traders are globally popular ones—Bitcoin, Ethereum, Solana, XRP—and some newcomers like Pi, Official Trump, Not Pixel, and Mubarak are some to be mentioned.

Crypto Wallets

To store crypto, people use “wallets.” There are online ones (like MetaMask or Trust Wallet) that are easy, and offline ones (like Ledger) that are safer. Most Egyptians use the online ones, but some pick safer ones after hearing about scams.

Scams are a worry—some people lost money in 2023 tricks. Adding extra security, like a second password, is super important.

Taxes on Crypto

Egypt doesn’t have clear rules for taxing crypto yet. The tax office says it’s like owning something, so you might owe 20–30% if you make a lot, but they don’t explain how to report it. For now, most people don’t pay anything, but that could change later.

Learning About Crypto in Egypt

More young Egyptians are hearing about crypto, but many don’t trust it because of scams or the ban. There aren’t big events about it, but online groups and social media like X are where people learn. Websites like CoinDesk or Binance Academy are helpful too. Some small groups try to teach people, but no big names lead the way yet.

Future of Crypto in Egypt

Crypto could grow more—maybe 5–7% of people using it by 2030—because of money from abroad and more internet use. If the government says yes someday, it could help a lot, especially with the digital money plans. But if they keep saying no, it’ll stay risky and hidden.

Conclusion

Crypto in Egypt is like a secret tool—useful but tricky. It’s not allowed, yet people use it to save money or try to earn more. The future could be exciting if the government changes its mind, or it might stay a quiet risk. For now, it’s a small but growing part of Egypt’s money story, waiting to see what happens next.

1. Is crypto okay in Egypt?

No, it’s banned, but some use it anyway.

2. How do I buy it?

Use Binance or Bybit with Fawry.

3. Which coins are popular?

Bitcoin, Ethereum, and Ripple.

4. Can I send money with it?

Yes, it’s cheaper than banks.

5. Do I pay taxes?

Maybe later—not clear now.

6. What wallet works in Egypt?

Trust Wallet or Ledger are good.

7. Will Egypt ever allow crypto?

Maybe. The CBE is thinking of launching digital money by 2030.

8. How do I start?

9. Can I mine it?

You can, but it’s not allowed and costs too much.

10. What if I’m caught?

You might get fined or jailed, but it’s rare for small users.