The use of distributed ledger tech (DLT) for transborder payments is increasing among various Central Banks around the globe. The recent bank to embrace blockchain technology in the remittance field is the National Bank of Egypt (NBE).
Due to the coronavirus pandemic, Egyptians started withdrawing cash from their bank accounts massively. This forced banks to limit cash withdrawal and deposits as otherwise, it might cause a crisis and default.
LocalBitcoins, a peer-to-peer (P2P) trading platform, hit record-breaking Bitcoin (BTC) trading volumes in Egypt, Argentina and Venezuela in October 2018. In other places such as Croatia and Switzerland, trading volumes have struck annual lows.
The government institutions or affiliated structures of Egypt broke the Internet connection of the country’s citizens using the "AdHose" program, which redirects traffic to Monero mining or shows extra advertisements. This information was published in a report by the explorers of the University of Toronto on Friday.