Will Egypt’s Banking Institutions Create More Popularity for Bitcoin?

Author: Cleopatra

Governments and banking institutions around the world are tightening their control over the wealth of their people. This move is protectionist and is aimed at combating illegal capital inflows and money laundering. Recently, British Prime Minister David Cameron mentioned a detection method that can help people evade taxes. This problem is becoming more and more serious around the world, and financial institutions are also tightening their policies. Al Baraka Bank in Egypt has just announced the launch of the "SAS Anti-Money Laundering System" solution and has released this platform in all its branches.

Banks are becoming increasingly difficult and complex for the average person to use to transfer money. This explains why Bitcoin is growing in popularity and how people are evading strict regulations by using methods that do not require banks. Al Baraka Bank wants to store people's funds away from government surveillance, and they feel that the regulatory process is becoming more technical and sophisticated. "As the regulatory environment in Egypt and around the world becomes increasingly complex, it is critical that the bank launches the SAS FACTA solution," said Adel Mohammed Ahmed Elalem, Chief Information Officer of Al Baraka Bank in Egypt. "This solution will allow us to effectively deal with the complex financial and regulatory environment, including streamlining the process by automating reporting to the IRS." The bank worked with SAS and Data Gear to launch the FACTA solution for its operations in the region.

This move could lead Egyptians to turn to institutions like Bitcoin, making Bitcoin more popular. Local Bitcoins and Mycelium Local Trader are available in Egypt. Bitcoin also has a large number of supporters in Egypt. For example, Omar El Fata, CEO of Cairo's largest injection needle manufacturer, believes that Bitcoin will help the development of emerging companies and promote economic development. Egyptian residents can also use YellowPay. YellowPay is a Jordanian company that provides Bitcoin voucher services to users. In Egypt, the regulation of virtual currencies is still in a gray area, but many services and organizations support the introduction of relevant regulations. If the government and banks tighten their policies on every transaction or deposit, more and more people will eventually abandon their internal banking platforms.

Egypt's Al Baraka Bank is aware that domestic technology is becoming more advanced and believes that only stricter financial regulations can protect its interests. The bank's vice president said that the bank is "eager to put into practice" so that they can better deal with the latest technologies in the financial field. With the latest solution FACTA, the bank can more easily comply with the requirements of the IRS for domestic and international transactions.

As time goes on, more and more leaders and banks will impose stricter regulations on citizens and businesses. Bitcoin is gaining ground. It can evade government regulation of illicitly flowing wealth and protect assets from being looted. As banks like Al Baraka Bank release new policies and platforms to take on surveillance and internal audits, more and more people will abandon banks. Bitcoin allows users to control their own funds and avoid the government and financial institutions coveting their income. Cryptocurrency is a solution for those who want to avoid these cumbersome methods today, whether you live in Egypt or not.

JPM compiled from
Bitcoinist, Will Egypt`s Banking Institutions Create Increased Bitcoin Popularity? By Jamie Redman.