Mohsen Adel, Vice President of the Egyptian Association for Finance and Investment Studies (EAFIS), said in an interview with Youm7 (a private Egyptian newspaper), that the phenomenon of (virtual) electronic currencies has recently spread in the global economy, specially Bitcoin.
He added, “Bitcoin” is a decentralized cryptocurrency-based digital currency, which is a decentralized currency that is not controlled by non-users, Bitcoin has became so popular lately but it’s only problem that it cannot be monitored by the government entities or the central bank like the regular fiat currencies.
He also added, China is preparing to launch their cryptocurrency, which has become a smart solution for the Chinese to handle the current trade war with the United States.
He pointed out that he recently noticed that many Egyptians use these crypto currencies via the Internet and we see that dealers are exposed to frauds as a result of using this type of non governmental regulated insecure payments.
Yet, he believes that the importance of cryptocurrencies will grow in the future. Cryptocurrencies are the currencies of real free-market economies. Their future depends on the confidence they inspire consumers.
The Egyptian Society for Finance and Investment Studies was established in 2010 (according to the Egyptian Civil Associations Law) by a group of investment experts in Egypt.
The Egyptian Association for Finance and Investment Studies works to serve certain goals, the most important of which is to support the basic concepts of the non-banking financial services industry, especially the field of financial markets, in addition to disseminating the basics of studying investment approaches among many sectors of society and developing the investment climate by spreading sound investment awareness.
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