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The first Egyptian Bitcoin exchange will be launched later this month. So the most populous country in the Middle East will be linked to the crypto-currency, which value has rapidly jumped in recent months. Many governments around the world are still considering how to regulate and classify the Bitcoin currency, which has triggered the interest of speculators around the world, with its value rising nearly fourfold since the beginning of the year and today traded at around 4400 USD.

Egypt, which population is 93 million people and most people do not have bank accounts, reports an increase in electronic payments in recent years. However, the country has no regulation for the digital currency. This means local stores can not accept this currency as a means of payment, but the stock market users can trade freely and eventually benefit from the rise of the course.

“We still expect the Egyptian government to introduce some provisions. Without laws, the Bitcoin is not a legitimate currency in Egypt”, said one of Bitcoin Egypt’s founders, Rami Khalil. He pointed out that the stock exchange already had about 300 pre-registrations from users before it was released.

Khalil and co-founder of Bitcoin Egypt, which is the first Egyptian Bitcoin exchange. They plan the platform to connect a community of several thousand enthusiasts, who will be able to trade the Egyptian pound for the first time, which lost almost half of its value after its release in November.

Crypto-currencies allow for anonymous transactions between individual users without the intervention of banks and central banks.

At the same time, the Bitcoin is convenient to circumvent the capital control. This has helped the crypto-currency to grow in China, the most attractive market in the world, but has led some governments to take measures against crypto-currencies to prevent money laundering.

This situation may support a Bitcoin in Egypt, where, following the turmoil in 2011, a hard currency shortage has severely curtailed bank transfers. While bank liquidity has improved and capital controls have been abolished in recent months, the companies are still turning to the black market for dollars to buy the currency that is not available in the official banking system.