Central Bank of Egypt crypto ban: What it means for users and the region

When the Central Bank of Egypt, the national monetary authority responsible for issuing currency and regulating financial institutions in Egypt issued a formal ban on cryptocurrency transactions in 2020, it wasn’t just a policy shift—it was a signal to millions across North Africa. The ban blocked banks and financial institutions from processing any crypto-related payments, making it illegal to buy, sell, or trade Bitcoin, Ethereum, or any other digital asset through regulated channels. This move didn’t stop people from using crypto, but it forced it underground. Today, the Egyptian pound, the official currency of Egypt, subject to inflation and currency controls continues to lose value, while crypto adoption grows quietly through peer-to-peer platforms and offshore exchanges. The crypto禁令, the Arabic term for crypto ban, commonly used in local discussions about digital asset restrictions remains in place, but enforcement is patchy, and demand hasn’t faded.

Why does this matter? Because Egypt is one of the largest economies in Africa, with over 100 million people and a young, tech-savvy population that’s increasingly disconnected from traditional banking. Many Egyptians use crypto not for speculation, but to send remittances, protect savings from inflation, or access global markets when local banks impose strict limits. The ban pushed users toward platforms like Paxful, LocalBitcoins, and Binance P2P, where trades happen directly between individuals. Meanwhile, regulators haven’t updated their stance, even as neighboring countries like Nigeria and South Africa move toward licensing frameworks. The African crypto crackdown, a regional trend where governments restrict crypto to control capital flight and maintain monetary sovereignty isn’t unique to Egypt—but Egypt’s size and influence make its policy a bellwether. The ban also created a gap: no legal way to convert crypto to cash, no tax guidance, no consumer protection. That’s why so many users rely on unregulated gateways, exposing them to scams, frozen funds, and fraud.

What you’ll find in the posts below are real-world analyses of how people in Egypt and surrounding regions navigate crypto under restrictions. You’ll see reviews of P2P platforms that work despite the ban, breakdowns of how crypto is used to bypass currency controls, and comparisons with other countries that took similar paths. There’s no sugarcoating—this isn’t about getting rich quick. It’s about survival, access, and finding ways to hold value when the system doesn’t work. The Central Bank of Egypt crypto ban didn’t kill crypto. It just made it harder, riskier, and more personal. The stories here reflect that reality.