The Information and Decision Support Center (IDSC) of the CBE, in its strategic goals for the Egyptian economy between 2024 and 2030, revealed its intention to launch the E-Pound digital currency. The purpose of this initiative is to enhance the competitiveness of the national currency and improve the overall effectiveness of Egypt’s monetary policy.
“By integrating the E-Pound into economic settlements, the authorities aim to further develop the financial sector and ensure 100% financial accessibility for citizens by 2030,” the document stated.
According to Abdel Moneim al-Sayed, the director of the Cairo Center for Economic and Strategic Studies, the CBE envisions the digital pound as an electronic counterpart to the physical currency. Al-Sayed believes that unlike anonymous and highly volatile cryptocurrencies, the E-Pound will have an official role in the country’s economic landscape, providing a higher level of financial security.
In 2017, the Central Bank of Egypt declared its opposition to allowing the trading of digital currencies and prohibited their use in financial or banking transactions in the country. By introducing the digital version of the Egyptian pound, the CBE also aims to reduce its own costs.