The Director of the Cairo Center for Economic and Strategic Studies Abdel Moneim al-Sayed, reviewed the importance of the digital pound which the Central Bank of Egypt recently announced that it is about to issue.
Sayed said during the “Sabah al-Balad” program on Tuesday that like its name implies, the digital pound will be the electronic equivalent of the paper pound.
It is set to be dealt with on the electronic payment system, he explained, and is one of the state’s goals towards digital transformation and reducing use of paper cash transactions.
He added that the digital pound will be traded between wallets on mobile phones and electronic payment cards for government agencies and purchase cases.
Sayed assured that it is equal to the paper pound in its value and the serial number it bears.
This move coincides with an overall global trend towards using digital currencies, Sayed explained, which comes with the aim of reducing the use of cash, printouts, and paper currencies, as printing paper currencies costs countries large sums, thus the trend towards digital currencies aims to reduce costs and keep pace with global developments.