Leading economists gathered at a seminar hosted by the Egyptian Center for Economic Studies to discuss how digital currencies are reshaping the global financial landscape. They highlighted unprecedented challenges to monetary policy and the need for flexible regulatory frameworks. Speakers emphasized innovation opportunities alongside significant risks.
The Egyptian Center for Economic Studies (ECES) hosted a seminar on May 5, 2026, featuring Harald Uhlig, professor of economics at the University of Chicago; Yehia Aboul Fotouh, deputy chief executive of the National Bank of Egypt; Amr Mostafa, head of treasury and capital markets at the bank; and economic expert Omar El Shenety. The discussion was moderated by Abla Abdel Latif, the centre’s executive director and director of research.
Uhlig offered a global overview, noting Bitcoin trades near $78,000 with projections to reach $521,000 in five years. He highlighted that digital assets are collectively valued at around $2.6trn, and 70% of central banks worldwide are studying central bank digital currencies (CBDCs). He warned that US dollar-pegged stablecoins could pressure central banks' independence.
Aboul Fotouh clarified that cryptocurrencies are legally prohibited in Egypt due to volatility and weak investor protection, asking: “Who would users turn to in cases of fraud or loss?” Mostafa stressed that the future lies with stablecoins and CBDCs for regulatory clarity and trust, while El Shenety observed growing use among youth despite lacking regulation.
Abdel Latif urged the Central Bank of Egypt to take a proactive approach, arguing that waiting for international experiences would leave Egypt behind. The seminar concluded with consensus on a hybrid financial model blending traditional systems with modern technologies, balancing innovation and stability.
