Egypt Targets 2030 for E-pound Launch to Boost Currency Competitiveness

Egypt is planning to adopt a Central Bank Digital Currency (CBDC), also called the e-pound, by 2030 as a calculated effort to bring its national currency into the digital era. Presented in the “Document on the Most Important Strategic Directions of the Egyptian Economy for the New Presidential Period (2024–2030),” the bold plan aims to simplify monetary policy while simultaneously making Egypt’s national currency more competitive.

The Central Bank of Egypt (CBE) is spearheading this financial revolution, with the CBDC expected to offer heightened security compared to privately issued cryptocurrencies, according to Egyptian economic expert Sayed Khedr. In a recent statement, Khedr emphasized the significance of officially issued digital currencies, stating, “We do not know who invented Bitcoin, so the safety rate is low. On the contrary, if digital currencies are officially implemented by the central bank, the security rate will be higher.”

Strategic Directions for Economic Growth

Key policies that are essential for the country’s economic trajectory over the next six years are identified in the extensive research that was commissioned by the Information and Decision Support Center of the Egyptian Council of Ministers. The research stresses the value of the continued efforts made by the Egyptian monetary authorities to improve the financial sector in addition to introducing the CBDC. Achieving 100% financial inclusion by 2030 is the main objective, which is in line with Egypt’s plans for a digitally inclusive economy.

Khedr informed the people that the introduction of the CBDC will not result in a decrease in the amount of physical money in circulation, dispelling worries about a decrease in conventional banknotes. Furthermore, he proposed that the e-pound’s broad acceptance may help the economy in an indirect way. The e-pound is positioned as a pillar for economic stability and prosperity, as well as a digital asset, as the Egyptian government advances financial innovation.