Bitcoin
Peer-to-Peer Bitcoin Volume Triples in Egypt Amid Currency Devaluation
Egyptian peer-to-peer cryptocurrency trades have surged as citizens navigate a weakening national pound despite strict legal and religious prohibitions.
Peer-to-peer Bitcoin trading volumes in Egypt have more than tripled as citizens seek alternatives to the depreciating Egyptian pound. The local currency experienced significant devaluation, falling past 52 per US dollar in March 2026 before stabilizing near the 51 level.
The growth in decentralized trading comes despite severe domestic restrictions. Egyptian banking law has prohibited the creation, exchange, and promotion of cryptocurrencies since 2020 under Article 206, which imposes prison terms and fines up to 10 million Egyptian pounds. However, due to currency depreciation, the dollar value of that maximum fine dropped from roughly $636,000 at 2020 exchange rates to under $196,000.
Egyptian religious authorities at Dar al-Ifta previously issued a decree in 2018 classifying cryptocurrency trading as forbidden, and the central bank has enforced compliance, including a 2021 arrest in Menoufia for online Bitcoin promotion. Despite these enforcement measures, the report notes that economic pressures have continued to drive local activity toward peer-to-peer digital asset markets.
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