Cryptocurrency in Egypt: What's Allowed and How It Actually Works

Legal Status

The Central Bank of Egypt (CBE) first issued a warning about cryptocurrencies back in 2018, and in 2020, under the new Central Bank and Banking System Law (Law No. 194), cryptocurrencies were effectively banned.

What exactly is prohibited:

• Creating and operating cryptocurrency platforms without a CBE license
• Exchanging cryptocurrency for fiat money (Egyptian pounds, dollars, etc.) through unofficial channels
• Trading cryptocurrency — buying and selling on exchanges
• Using cryptocurrency as a payment method — paying for goods and services
• Advertising and promoting crypto products without authorization

The law provides for fines and criminal liability for violating these rules. As of now, no company has been granted a license to operate with cryptocurrency in Egypt.

The Real Situation

Despite the formal ban, many people use cryptocurrency in Egypt — both expats and locals. By various estimates, Egypt ranks in the top 20 countries worldwide by crypto transaction volume.

In practice, here's how it looks:

• Holding cryptocurrency in personal wallets is a grey area. There have been virtually no prosecutions of individuals for simply owning crypto
• P2P trading (via Binance P2P, local chats, etc.) exists but is a risk zone — especially for large amounts
• Egyptian banks don't block accounts for receiving transfers from crypto exchanges, but may ask questions about large or regular transactions
• Authorities mainly focus on organizers of crypto exchanges and large traders, not regular users

Crypto Cards: Bybit, RedotPay, and Others

Crypto cards are debit cards (usually Visa or Mastercard) linked to a crypto wallet. When you pay, crypto is automatically converted to the local currency.

Popular options among expats:

• Bybit Card — Mastercard, supports USDT and other cryptocurrencies
• RedotPay — Visa, convenient for everyday transactions
• Others: Wirex, Crypto.com (availability depends on the issuing region)

In practice, crypto cards work in Egypt without issues — transactions go through at shops, restaurants, gas stations, and ATMs. To the payment system, it looks like a regular card transaction.

The Legal Nuance

The legal status of crypto cards in Egypt is not explicitly defined. Technically, you're not exchanging crypto for fiat in Egypt — the conversion is done by the payment provider abroad. Therefore:

• Paying with the card at a store — nobody will ask questions. For the merchant, it's a regular Visa/Mastercard
• Withdrawing cash from an ATM — works, but large amounts could theoretically attract attention
• Explicitly exchanging crypto for Egyptian pounds (via P2P, personal deals) — you're in the risk zone

Practical Tips for Expats

• Don't advertise your crypto use — avoid discussing deals in public chats linked to Egypt
• Use crypto cards for everyday payments instead of directly exchanging crypto for fiat
• Keep your main funds in offshore wallets and exchanges, not in Egyptian accounts
• Don't use Egyptian banks to withdraw large sums from crypto exchanges — this could attract attention
• Have a backup — a traditional bank card in case your crypto card stops working
• Stay updated — Egypt may change its approach to crypto regulation, either tightening or legalizing it