Saturday, August 12, 2017

Bitcoin Exchange Launching in Egypt

Bitcoin Exchange Launching in Egypt

Founded by Rami Khalil and Omar Abdelrasoul, Bitcoin Egypt plans to launch a bitcoin exchange this month. “The tentative launch date is the 31st of August. We will definitely at least go into alpha testing at that time if we are not fully operational,” Khalil told news.Bitcoin.com.


First Bitcoin Exchange Launching in EgyptHe claims that it will be the first in the country. “There were no prior (registered) exchanges before,” he detailed, citing “everything operates peer-to-peer and under the radar now. It’s currently a ‘black’ market in Egypt.”


At launch, the exchange will only support trading between the Egyptian pound and bitcoin. “The fees will be a fraction of the transaction size (<0.25%),” Khalil said. The company plans to add support for ether, other altcoins, as well as other fiat currencies in the near future, followed by a payment service next year.


Only “rudimentary contact information (full name, ID numbers, address, etc..)” will be collected by the exchange, he detailed, adding that “since bitcoin is technically a commodity in Egypt, we’re not bound to any formal KYC/AML regulations.” Moreover, he said “we will only be doing it to deter potential money launderers from abusing anonymity on our exchange, and to of course be roughly prepared for any future regulations set by the Egyptian government.”


Full story at http://bit.ly/2hQxcfz


Source: Bitcoin News


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