Egypt recently hosted a meeting of Blockchain minds seeking to build Blockchain solutions across multiple sectors throughout the Arab world. Kostas Kryptos Chalkias Chief Cryptographer and Co-Founder of Mysten Labs, creators of Sui Blockchain, alongside other blockchain innovators including Mohamed Abdou, CEO and Founder of Pravica, Gregorios Siourounis, Co-founder and CEO at Money.com, and A. Tony Amer CEO of EMURGO Labs met in Egypt to integrate Blockchain technology into the financial sector, logistics, academic, governmental and other areas, as they seek to build MENA’s digital economies.
These global and regional blockchain leaders came together for the first closed door dialogue forum on how to develop an integrated Arab digital economy, hosted within the newly established Arab Blockchain Center, a joint initiative between Egyptian based Pravica, a MENA focused blockchain infrastructure company building secure digital communication tools and fintech solution such as S3 Money, and the Arab Academy for Science, Technology and Maritime Transport (AASTMT).
The meeting centered around how to grow mass adoption in blockchain and solve challenges facing developing countries in the Arab world. Discussions centered on blockchain use cases in the off chain and cross border payments sector, in documentation sharing, especially within the governmental sector where security and confidentiality are of paramount importance. Additionally, the remittance sector was also prominently on the table, given that 9% ($35 billion) of Egypt’s $386 billion GDP comes from remittances sent by more than 15 million Egyptians abroad.
Mohamed Abdou, CEO and Founder of Pravica stated, “By leveraging blockchain technology, our goal is to build a truly on-chain Banking 2.0 infrastructure that provides transparency, efficiency, and unprecedented access to financial services. This will go far beyond simple digital payments to enable a new suite of services, from instant cross-border remittances to more secure lending and beyond.”
He added, “This is a massive step towards financial inclusion for Egypt, the work is complex, but the potential is limitless.”
“The discussions we’ve had here in Cairo, focused on practical blockchain applications like cross-border payments and digital identity, are essential for building a more inclusive and efficient financial future for the MENA region. Sui’s architecture, with its focus on scalability and asset ownership, is uniquely positioned to empower this transition and help create a digital economy that benefits everyone.” Kostas Kryptos Chalkias, Co-Founder and Chief Cryptographer of Mysten Labs, creators of Sui, added.
While Professor Georgios Siourounis, CEO of xMoney Global, shared his vision for the future of cross-border digital payments, stating, ” Standing in Egypt, a country that has connected civilizations for millennia, we are reminded that financial systems must also connect people across borders. Our mission at xMoney is to make cross-border payments seamless and secure, so that innovation in Cairo can reach London, Dubai, South Africa or New York without barriers. That is how true inclusion starts.”
The meeting was attended by high level representatives from the academic, banking, and governmental sectors across Egypt.
“Blockchain holds the potential to reshape how economies function by enabling greater transparency, trust, and collaboration across industries,” said A. Tony Amer, CEO and Founder of EMURGO Labs. He adds, “Our goal is to ensure that Egypt and the region are not just observers of this transformation but active participants in shaping its future.”
The Egyptian government has banned the trading or utilization of crypto, while working on blockchain implementations in the areas of trade, logistics, carbon markets and exploration of a Central Bank Digital Currency (CBDC). Blockchain in the financial domain would be a game changer in Egypt with more than 98% of its business being micro to small and medium sized entities.
There is no regulation on crypto in Egypt and its use is prohibited. However, blockchain implementations have been utilized by Egypt as the core tech in several use cases in the areas of trade, logistics, carbon markets and the exploration of an Egyptian Central Bank Digital Currency “(CBDC”). Blockchain in the financial domain would be a game changer in Egypt, with more than 98% of its business sitting in the micro to small and medium sized entity “SME” pool.
