According to the Router agency, according to the information in the local newspaper Amwal Al Ghad, the central bank in Egypt is considering the possibility of introducing its own cryptocurrency - the digital version of the Egyptian pound. The United Arab Emirates, on the other hand, are striving to introduce a cross-border payment system, which is the main reason for establishing cooperation with the company Ripple.
During the conference that took place in Abu Dhabi, representing the Egyptian central bank Ayman Hussein he informed that Egypt cooperated with international financial entities, focused on understanding the possibilities of introducing cryptocurrency in this country.
There are many indications that such a solution is also considered United Arab Emiratesthat through UAE Exchange they started cooperation with cryptocurrency Ripple. This cooperation is primarily aimed at increasing the transparency of remittances sent to Asia, which is a huge potential for the digital currency sector.
There are also reports that Iranian students pay their tuition fees using cryptocurrency Bitcoinby transferring cash to Great Britain. It therefore appears that cross-border forms of digital payment are becoming more and more popular around the world.
Egypt, Iran and the United Arab Emirates are not the only countries in the Middle East that are working on the broad introduction of cryptocurrencies. This solution is also considered The Kingdom of Bahrain, which in cooperation with a team of specialists from Dubai even developed special guidelines related to this system. Bahrain has even established a special legal framework, which is a response to the growing demand for such services and, consequently, the need to accept this innovation in the financial sector. Regulations were created in cooperation with the central bank of Bahrain.