LocalBitcoins has revealed that Bitcoin is trading at premiums nearing $64, 000 in Egypt and volumes are at an all-time high in 2021.
This update confirms a renewed warning by the Central Bank of Egypt against issuance, trading, promoting, and operating cryptocurrencies and related activities in the country which was highlighted by BitKE.
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SEE ALSO: Has the Central Bank of Egypt Reportedly Issued Another Crypto Warning Prohibiting their Use?
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Here are some stats about Egypt:
- In 2021, Egypt hit an all-time high of $205, 000 trading volumes per week
- As of March 16, 2021, one Bitcoin was trading at almost $64, 000 in Egypt
- 67% of the population do not have a bank account
- Egypt is one of the top 5 remittance receivers globally
- Inflation is currently at 9%
- The majority users are young people below the age of 34 years
- Most traders in the country are looking for additional sources of income in trading or hodling bitcoin
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RECOMMENDED READING: The Central Bank of Egypt Implements New Licenses for Cryptocurrency Business Issuance
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