Cryptocurrency Trader Arrested in Egypt for Breaking BTC Trading Ban

Egyptian authorities have arrested a cryptocurrency trader for promoting and trading Bitcoin and other cryptocurrency. The security investigations revealed that the accused had engaged in a criminal activity represented in the sale and purchase of virtual currencies and electronic marketing for a company located in a foreign country, through the Internet and selling virtual currencies among the internet users in Egypt, in violation of the Egyptian law.

According to today’s Youm7 article, after codifying the procedures, it was possible to arrest the accused, and by confronting him, he confessed to his “criminal activities”. The authorities have seized a number of devices and tools used in the exercise of that activity and by examining the seized devices, it was found that they were loaded with programs for mining cryptocurrencies and a Bitcoin wallet.

In recent years, the Egyptian government has taken a strong stance against the use of Bitcoin in the country. In fact, authorities have gone so far as to classify the digital currency as a narcotic drug, warning citizens against using it.

This hardline approach to Bitcoin is in stark contrast to the more permissive attitudes of other countries around the world. In many places, Bitcoin is viewed as a legitimate form of currency, with users able to buy and sell goods and services using the digital coins. However, in Egypt, the use of Bitcoin is strictly prohibited, and those who are caught using it risk legal repercussions.

Despite the ban, a small but dedicated group of individuals in Egypt continue to use Bitcoin, viewing it as a way to transact freely and independently without interference from authorities. These individuals see Bitcoin as a tool for financial independence, and are willing to risk punishment in order to use it.