Egypt has announced the timing of the start of the issuance of a central bank digital currency

The Central Bank of Egypt (CBE) has announced its intention to launch electronic pound payments by early 2030..

The Information and Decision Support Center (IDSC) of the central bank, in forecasting the main strategic goals of the Egyptian economy for 2024-2030, announced that it intends to launch the E-Pound digital currency to support the competitiveness of the national currency, as well as increase the efficiency of Egypt’s entire monetary policy.

“The inclusion of E-Pound in the sphere of economic settlements will allow the authorities to continue working on the development of the financial sector of the economy, as well as achieve 100% accessibility of finance for citizens by 2030,” the document says.

The director of the Cairo Center for Economic and Strategic Studies, Abdel Moneim al-Sayed, explained that according to the CBE's vision, the digital pound should act as an electronic equivalent of the paper pound. Unlike anonymous and highly volatile crypto assets, the official believes, E-Pound will officially participate in the economic life of the country, providing a higher level of financial security.

Back in 2017, the Central Bank of Egypt announced that the regulator does not intend to allow any trading in digital currency and prohibits the use of virtual assets in financial or banking transactions in the country. CBE also expects to reduce its own costs through the digital version of the Egyptian pound.