4 January 2018

Grand Mufti Shawki Allam Declares Bitcoin Trading Unlawful - Egypt

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Grand Mufti Shawki Allam Declares Bitcoin Trading Unlawful - Egypt

Egypt Grand Mufti Shawki Allam Declares Bitcoin Trading Unlawful

Grand Mufti Shawki Allam -  An Egypt highest official of religious law, recently declared Bitcoin trading “unlawful” under Sharia law, according to  Ahram report today

SEE ALSO: 2018 Cryptocurrency Prophesies


Allam further stated that Bitcoin negatively affects “dealers’ legal safety” and that:

In the fatwa issued Monday, Allam wrote that Bitcoin is not an “acceptable interface of exchange” and is therefore unlawful to trade. The Egyptian cleric also cited Bitcoin’s potential for money laundering and pointed out that because it isn’t subject to any government’s control, Bitcoin could potentially undermine the Egyptian economy.

SEE ALSO: Bitcoin is Like a Ponzi Scheme - India’s Ministry of Finance


"Bitcoin is forbidden in Sharia as it causes harm to individuals, groups and institutions.”
Bitcoin is “used directly to fund terrorists.” Egypt’s government is also no fan of cryptocurrencies, having called Bitcoin a “form of deception that falls under legal liability.”
Halal or not? this statement was made by one of the grand mufti’s advisors to BBC


““Historically, though, Islam has only recognized commodities of intrinsic value as money including things like gold (Dinar), silver (Dirham); rice, dates, wheat, barley and salt. In a strict interpretation of what qualifies as money, Bitcoin probably misses the mark.”
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