There are not any Bitcoin ATM in Egypt till now as Bitcoin is not legal in Egypt. Bitcoin ATM needs governments permission since bitcoin is banned in Egypt there are no ATM’s and Exchanges in the country. We will discuss the ways to buy Bitcoins in Egypt and the legality of Bitcoin.
What is Bitcoin?
- Firstly, Bitcoin is an open-source decentralized digital currency which records transactions in a public or private ledger.
- Secondly, It uses cryptographic functions and blockchain technology to perform transactions securely. Bitcoin uses a PoW algorithm which means it needs computing power to run the network.
- Finally, It was developed under a pseudonymous name of Satoshi Nakamoto. Read more about Bitcoin
Is there any Bitcoin ATM in Egypt?
No there is no Bitcoin ATM in Egypt because Government has regulated Bitcoin trading in Egypt. Also, There are further announcements to come for regulating Bitcoins by Egyptian Government.
Is Bitcoin Legal in Egypt?
Bitcoin is Absolutely Illegal in Egypt. On 17 December 2017, Bitcoin trading was stated illegitimate by Head of the Egyptian Financial Supervisory Authority (EFSA). Furthermore, Mohamed Omran stated that he will announce some more details about regulating bitcoin.
How to Buy Bitcoins in Egypt?
You can use Paxful for buying and selling bitcoins in Egypt. However, It is a peer-to-peer marketplace of Bitcoin which connects buyers and sellers.