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Sell btc egyptInside Egypt’s cryptocurrency market - EgyptToday
This black market was established on social networking groups, which are difficult to track or monitor, just like the bitcoin itself, as it is impossible to know its buyers or sellers. If you browse Facebook groups, you will find a huge number of groups about bitcoin. These are the places where bitcoin sellers find buyers and vice versa. Each seller sets the price for their bitcoins, and both buyer and seller agree on method of payment.
It could be through a direct bank transfer to any Egyptian bank, a phone cash service or a post office money transfer. Because money transfers are personal, that is, from one person to another, no state apparatus can track the process of buying and selling this cryptocurrency at all. One of these pages is called B. Posts on this page date back to and , but you will find many recent comments on these old posts, made by people who want to buy and sell bitcoins. Another one is a closed group A.
C, which was created only one year ago, but has already garnered 27, members and in just one day, there were 1, posts published on the group. Business Today Egypt made attempts to contact the page admins or moderators, but at press time had not received an answer. It is worth noting that the page founder A. I apologize to everybody. It has been an honor knowing you all, and it would be an honor to stay in touch, but without discussing online currencies of all kinds.
Unfortunately, I will not be able to reply to private messages I get regarding this. This could indicate that the Office is actively pursuing those dealing in this currency in Egypt. The bitcoin network Because dealing in crypto-currencies does not happen in one particular country or region, and since nobody can identify bitcoin owners in the world, there are many international platforms where bitcoin owners, buyers and sellers register. Through these platforms, they get to know each other.
One of these platforms is L. The platform allows people to pay and transfer money in exchange for bitcoins. This means that black market bitcoin money is transferred through fully legal means; local banks, without anybody knowing where this money goes. The law does not apply to what does not exist. Since there are no permits or licenses that can be issued for this commercial activity, many companies claiming to deal in bitcoins do not exist in reality. They are nothing but Facebook pages, selling delusions.
Some people work with integrity, but as long as the government will not legalize bitcoin, I will not undertake an illegal activity in Egypt and face the legal consequences. One of these companies is promoted on Facebook by bitcoin dealers as a safer option than dealing with individuals. The company provides technical support for its clients through a chat service. Business Today Egypt used the service to request buying bitcoins and a customer services representative in Saudi Arabia responded promptly.
He first asked us why we want to buy bitcoins then proceeded to say that buying it in Egypt is extremely easy. He explained the nature of dealing in the currency, and that he would need to know the client perfectly well to open a wallet for them and advised us to start with a small amount at first. He recommended an e-wallet that includes two crypto-currencies, bitcoin and Ethereum and to sign up for online payment services. The money to start up the account should be sent through a money transfer service or the post office.
We asked if we could use bitcoin to buy goods in Egypt, but he said no. It only takes a minute to sign up. So he asked if it's possible to send the money through Bitcoin. On the wiki for list of countries on stances on bitcoin, Egypt is not listed. In , an Egyptian dentist was arrested for trading bitcoins for USD. Note, he was not trading bitcoins but rather exchanging them for USD.
He was arrested for scamming, money laundering, and as I said above, exchanging through foreign currencies. Thus, because there is very little information about the Egyptian's government on bitcoin, be careful, but it should be ok.
Hopefully my answer helps you out. Sign up to join this community. The best answers are voted up and rise to the top. Is it legal in Egypt to sell BTC, and is that available there? Ask Question. Asked 3 years, 6 months ago. Active 1 year, 11 months ago. Viewed times. So, I'm not sure if it's going to work out. Active Oldest Votes.