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Authorities nix notion of bitcoin banking in Egypt

Egyptian banking experts agree on the risks of trading in bitcoin, and central bank authorities say they have no plans to authorize the virtual currency's use.
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CAIRO — Responding to rumors that the Central Bank of Egypt might allow trading in virtual currencies such as bitcoin, banking officials voiced blunt denials, insisting just the opposite.

Several media and social networking websites circulated reports June 16 and 17 alleging that the Central Bank of Egypt is considering such a move. But Gamal Negm, a central bank deputy governor, announced June 17 that the bank categorically refuses to accept virtual currencies and only recognizes official currencies. Lubna Hilal, another deputy governor at the bank, on June 24 denied any reports that the bank is even contemplating allowing bitcoin use.

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