The “crazy” currency … Will Bitcoin threaten the global financial system?


The economist and head of the Egyptian Forum for Political and Strategic Studies, Rashad Abdo, said in exclusive statements to “Sky News Arabia”, that Bitcoin is a virtual and cryptocurrency, and the printed of it is fixed and does not change, which is 21 million units, but its dangers and problems are continuing and escalating daily behind today.

Abdo added that Bitcoin It carries a lot of risks because it finances and covers illegal things, “as no one knows who bought and who sold, for example a country like Iran that has been sanctioned by the international community, but it can manipulate Bitcoin and buy or sell freely without controls and does not know One of that. “

The Egyptian expert explained that due to the fact that this currency is cryptocurrency, it may be used in financing Terrorist operations And money laundering because it has no legitimate basis.

The most dangerous thing, according to Abdo, lies in the insane rise in the price of this currency, which is close to 60 thousand dollars, after it started with less than one American cent in 2008 and this is not a fair price, and it is possible that it will escalate again because the number of its units is fixed and limited and the demand for them is limited. growing.

According to Abdo, it is also exposed to huge losses on its property, as it may return to less than a thousand dollars again, and whoever buys at the high price is exposed to great losses.

Massive losses

And incurred Digital currencies Encrypted shock losses during Friday, reinforced by declines in the “Bitcoin” currency, the most powerful in the digital currency market, and retreated Bitcoin 3.6% to $ 56,118.

The Egyptian expert added that one of the reasons for the spread of this Virtual currency In the world, many countries have allowed it to be traded in banks and stock exchanges, especially America, and this created an increasing demand for it, and there are international companies that advise their clients to buy Bitcoin and allocate billions for it, and this created an increasing demand for it.

On the contrary, countries such as Korea have banned the circulation of Bitcoin within their countries, because it is not known who is behind it, whether a person or a group of people, and this in itself is very dangerous.

He pointed to the warning of many Arab countries, especially Egypt Whoever trades this cryptocurrency, because it is dangerous for the financial system.

The Egyptian Central Bank warns

And it was Egyptian Central Bank He renewed the warning against dealing in cryptocurrencies, especially Bitcoin, stressing that dealing in the country is limited to the official approved currencies.

The Egyptian Central Bank affirmed that dealing in these currencies carries high risks, and that it is dominated by instability and intense fluctuation in the value of their prices, as a result of the unattended global speculation that takes place on them, which makes investing in them a risk and warns of the possibility of a sudden loss of their value as a result of not issuing them from any central bank or Any formal central issuing authority.

He explained that these currencies do not have tangible physical assets, and are not subject to the supervision of any regulator in the world Consequently, it lacks the guarantee and official government support enjoyed by official currencies issued by central banks.

The preferred currency of criminal organizations

For his part, the economist Hisham Badawi said, Bitcoin A digital currency that is encrypted, has a secret code, does not have any evidence, and is difficult to hack or access.

He added in statements to him that one of the sites devoted to buying narcotic substances decided to deal through “Bitcoin”, hence the warning to financial institutions and security agencies about this new currency.

The economist explained that Bitcoin is not subject to the supervision of the global financial system, whether in financial transfers or otherwise, unlike the financial system within banks around the world that obtain full data of the details of monetary operations.

He pointed out that drug and arms dealers prefer to deal in this currency due to the secrecy surrounding its circulation, pointing out that there are “disasters” that may be caused by dealing with Bitcoin.

He pointed out that many countries have started a real confrontation with Bitcoin within their financial systems in the interest of their security and the safety of their economy, as there are many reports that revealed terrorist groups dealing with Bitcoin.


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