(Reuters) - Trading in the currency of Kuwait Petrochemical began in Egypt at the end of the month
The first stock exchange of the encrypted electronic currency will start in Egypt at the end of this month, according to some of the founders of the stock exchange, Reuters reported on Thursday.
"We are still waiting for the Egyptian government to establish regulations," said Rami Khalil, the founder of the Egyptian Pitcairn. "In the absence of laws, KFH will not be legally acceptable money in Egypt."
"Encrypted assets are a fait accompli whether the Egyptian government is involved or not, and if it does not participate, it will miss a very large market," he said.
Betcuen is a virtual digital currency that has no physical presence, is not covered by tangible assets, is traded on the Internet, is not issued by any central bank, is not under the supervision of any regulator, and is not controlled by any central authority. Of computers around the world validate transactions and add more Betcown coins to the system.
The exchange received some 300 pre-registration requests from users before it was launched, according to Khalil.
Khelil and co-founder Omar Abdul Rasool expect their platform to link a community of several thousand people interested in the currency to be able to trade for the first time in Egyptian pound, which has fallen to about half since the float of the pound.
"We are trying to get people accustomed to the idea of KFH and to prepare the market so that within two years we can reach more users, but at the moment we are trying to get people to know what the encrypted currency is," Abdul Rasool said.
In June, the central bank denied reports that it was considering the circulation of the currency of the "Petcawin" in the Egyptian banking system, and said that it does not allow the trading of virtual currency permanently, and deal only in official currencies.