Egypt’s Grand Mufti: Bitcoin Trading is Unlawful to Islamic Sharia
Bitcoin, the leading cryptocurrency in the world, was just declared unlawful to the Islamic Sharia by the Egyptian Azhar’s Grand Mufti, Shawki Allam. The fatwa came out on Monday, first of January, and Bitcoin’s price then was around 13,000$.
Allam issued the fatwa following a consultation with economy thinktanks. He highlighted concerns over the fact that cryptocurrencies are not subject to the state’s supervising and financial authorities. He also stressed that both the “currency’s risk, as well as its high-profit potential, undermines Egypt’s ability to maintain and stabilize its own currency.”
Allam said the cryptocurrency trade exchange is similar to “gambling,” which is forbidden in Islam, “due to its direct responsibility in financial ruin for individuals.”
Egypt didn’t welcome cryptocurrencies like Sweden and Japan or ban it like Bangladesh and Bolivia, however, The Central Bank of Egypt has repeatedly announced the banking sector does not accredit cryptocurrencies.