Bitcoin was outlawed in Egypt and forbidden by Islam
Egyptian authorities refused to trade Bitcoin. The Grand Mufti of the country Sheikh Shawki Allam issued a fatwa prohibiting operations with any cryptocurrency.
According to Allam, Bitcoin "is forbidden by Islam", as it is accompanied by "fraud, deception and ignorance."
Fatwa is a legal position on some issue formulated by representatives of the Muslim clergy. Usually it has no legal force, but it has great influence among believers.
The first trading platform for Bitcoin was opened in Egypt in August 2017, but in December secular authorities of the country declared the cryptocurrency out of law.
As the Grand Mufti of Egypt noted, risks associated with the usage of Bitcoin may arise, since this virtual currency is not under the supervision of any centralized regulator.
Sheikh Shawki Allam said:
“Bitcoins are forbidden by the Sharia because they damage individuals, groups of people or institutions.”
Today, the price of Bitcoin continues “bullish” trend and has already reached $15,285.
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good post i like it
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Wow; a religious ban.. "Egypt's Religious Leader: Crypto Trading Forbidden Under Islamic Law"
I'm an avid crypto activist but wow I'm curious to see how this affects the market; could potentially be suppressing a large sector of crypto users.
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