The Grand Mufti, Shawki Allam has banned Bitcoin and other cryptocurrencies in Egypt. He issued a fatwa comparing investing in cryptocurrency to gambling that is forbidden in Islam.
An official fatwa published by the Egyptian Grand Mufti is an answer for increasing interest in cryptocurrencies. As a reminder, Bitcoin’s price reached its record as we presented it in 2017 summary. Now the exchange rate of BTC is $16,000 what is 283,370 EGP (Egyptian currency). If you are interested in buying the most popular cryptocurrency, you can do it for example via buycoinnow.com.
Shawki Allam issued an official document after consultations with several economists, as he said. The main problem as he stated to English.Abraham.org is: “currency’s risk as well as its high profit potential undermines Egypt’s ability to maintain and stabilise its own currency”.
Allam also thinks that Bitcoin might have “negative effect on its dealers’ legal safety, possibly due to failure to publicly disclose such operations,” which he said would lead to an “ease in money laundering and contrabands trade.”
The Egyptian cleric sees investing in cryptocurrencies like Bitcoin or Litecoin as a gambling which is banned in Islam. He claims it “impinges on the state’s authority in preserving currency exchange.”
Shawki Allam is not the only cleric who has a negative approach to cryptocurrencies. In December, Assim Al-Hakeem who is a Saudi cleric issued a statement that cryptos are perceived as “ambiguous.”
In his speech he said:
“We know that bitcoin remains anonymous when you deal with it… which means that it’s an open gate for money laundering, drug money and haram [forbidden] money”.
Last modified: January 6, 2018
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