Egypt progresses toward Central Bank Digital Currency (CBDC) Implementation by 2030

Recent reports indicate that Egypt, a North African country, is actively advancing its Central Bank Digital Currency (CBDC) project with plans for a launch around 2030. According to sources from an Egyptian press, the CBDC, known as the e-pound, is envisioned as a strategic move by the Central Bank of Egypt (CBE) to enhance the competitiveness of the national currency and optimise monetary policy efficiency.

CBDCs, a form of digital currency issued by a country’s central bank, differ from cryptocurrencies in that their value is pegged to the country’s fiat currency and regulated by the central bank. Notable examples include Nigeria’s eNaira, launched in October 2021, which experienced modest growth and a measured reception among the country’s populace.

The introduction of Egypt’s digital pound is reported to be an integral part of the country’s broader digitalisation program for financial services. The Information and Decision Support Center of the Egyptian Council of Ministers has reportedly undertaken a research project titled ‘The Document on the Most Important Strategic Directions of the Egyptian Economy for the New Presidential Period (2024-2030).’ This project outlines economic and social policies for the Egyptian economy until 2030.