Bitcoin

Egypt: Crypto Miners Arrested for Mining and Trading Cryptocurrency

Egyptian security forces arrested on Wednesday two men for allegedly setting up and operating Bitcoin mining farms, cryptocurrency trading, fraud, forgery and money laundering.

Arabic-language Egyptian news magazine Al-Mal reported the details of the arrest on September 5th. According to its article, Egyptian police seized the mining hardware and made arrests in Al-Nozha Area, Cairo.

Mining hardware seized by the Egyptian Authorities

The “Gang” confessed that they were exchanging Bitcoin for the amount of 170 thousand pounds per coin in a violation to the Egyptian law.

The Central Bank of Egypt is currently working on a draft law for cryptocurrency related activities and banned creating, promoting or operating platforms for issuing or trading encrypted currency or cryptocurrency without obtaining the necessary licenses in advance.

Last month, Central Bank of Egypt revealed that it might issue its own cryptocurrency to be used withing the Egyptian government.

M. Ali

Daily cryptocurrency trader, miner, technology enthusiast and a full time IT and security consultant. If you have any questions or comments please feel free to email him at nabil@wibbic.com

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