According to the publication Al-Monitor, after the consequences of the coronavirus pandemic affected the economy of Egypt, the citizens of this country began to use bitcoin noticeably more often.
Wael al-Nahhas, economist and financial advisor to several Egyptian investment institutions, said :
“Many young Egyptians started investing small amounts in bitcoin, even though the exchange rate was high. They started mining cryptocurrency. On average, they manage to get 4-5% profit per day – they buy bitcoins when demand decreases and sell at the peak. In addition, they have a profit from the overall rise in the bitcoin rate. “
The unemployment rate in Egypt rose from 7.7% in the first quarter of 2020 to 9.6% in the second quarter. That is, at least half a million Egyptians were left without work due to the COVID-19 pandemic, and against this background, cryptocurrency trading looks attractive.
The miner and member of the Bitcoin community in Egypt, Muhammad Abd el-Baseer, has confirmed the rise in popularity of the country’s first cryptocurrency. He estimates that at least 16,000 people have joined the local Bitcoin community.
Note that although in the spring of 2019, the Central Bank of Egypt submitted a draft document obliging the country’s private banks to obtain licenses to work with platforms for issuing cryptocurrencies and trading them, there is still no full regulation of the industry in the country.