Egypt’s Central Bank to launch digital currency by 2030

BREAKING NEWSJanuary 10, 2024 at 10:28 AM UTC

TLDR

The Central Bank of Egypt plans to introduce the e-pound by 2030 to improve currency competitiveness and monetary policy effectiveness.
The Egyptian government aims to achieve 100% financial inclusion by 2030.
The IDSC document outlines key priorities for policy initiatives and serves as a roadmap for economic development in the years ahead.

The Central Bank of Egypt (CBE) is aiming to introduce the e-pound by the year 2030, as outlined in a report by the Information and Decision Support Center (IDSC) detailing the main strategic objectives for the Egyptian economy from 2024 to 2030.

The launch of the digital currency is expected to enhance the competitiveness of the national currency and improve the effectiveness of monetary policy. Additionally, the Egyptian government has set an ambitious target of achieving a 100% financial inclusion rate by 2030.

The publication of the document titled "The Most Prominent Strategic Directions of the Egyptian Economy for the New Presidential Period 2024-2030" by the IDSC serves to outline key priorities for policy initiatives, providing a roadmap for economic development in the coming years.

Key Takeaways

Egypt’s plan comes at a time when central banks across the world are working towards developing state-controlled digital currencies. At least 9 countries have launched these while 87 others, representing over 90% of global GDP, are exploring a CBDC. In Africa, there is a growing allure of regulated digital currencies among central banks and a recent call for a continental cryptocurrency indicates the era of cash could be drawing to an end. More so, CBDCs represent yet another fintech innovation in Africa, a continent that leads globally when it comes to digital payments.

Central Bank of Egypt

CBDC

Digital Currency

Egypt

Fintech