Report: Egypt Wants to Have a Functioning CBDC by 2030

Report: Egypt Wants to Have a Functioning CBDC by 2030

Egypt reportedly aims to launch a central bank digital currency by 2030 to boost the competitiveness of its national currency. According to an Egyptian economic expert, a digital currency issued by the central bank is more secure than privately issued cryptocurrencies.

Enhancing Monetary Policy Efficiency

According to a report, Egypt plans to issue a central bank digital currency (CBDC), the e-pound, by 2030. The Central Bank of Egypt (CBE) will issue this digital currency, which is expected to boost the competitiveness of Egypt’s national currency and enhance the efficiency of monetary policy.

Details of the North African country’s CBDC goals are explained in a report of a study commissioned by the Egyptian Council of Ministers’ Information and Decision Support Center. Dubbed the “Document on the Most Important Strategic Directions of the Egyptian Economy for the New Presidential Period (2024-2030),” the document identifies policies that are critical for the Egyptian economy over the next six years.

In addition to listing the launch of the CBDC as one of its priorities, the document also urges Egyptian monetary authorities to continue their work on developing the financial sector. The objective, just like with the launch of a CBDC, is to help Egypt achieve 100% financial inclusion by 2030.

Meanwhile, Sayed Khedr, an Egyptian economic expert, is quoted in the Egypt Independent report extolling the virtues of an officially issued digital currency. Khedr also explained why the e-pound is superior to anonymously issued digital currencies like bitcoin.

“We do not know who invented Bitcoin, so the safety rate is low. On the contrary, if digital currencies are officially implemented by the central bank, the security rate will be higher,” the expert reportedly said.

Khedr, however, sought to assure Egyptians that the launch of the CBDC would not result in a reduction in the number of banknotes in circulation. He also claimed that the CBDC is capable of indirectly supporting the economy if marketed widely.

Register your email here to get a weekly update on African news sent to your inbox:

What are your thoughts on this story? Let us know what you think in the comments section below.