Egypt says Bitcoin is banned by Islam [💰↻50%]
Egypt's Dar al-Ifta (the highest religious advocacy body) issued an interpretation Tuesday that considers Bitcoin's cryptovalut as being prohibited by Islam, writes Telegraph.
"Bitcoin can be detrimental to the country's social and economic security," says Dar al-Ifta's statement, pointing out that the currency could ruin national security and central financial systems.
Egypt's Mufti's Advisor, Magdy Ashour, said the currency "is used directly to fund terrorists," explaining that its transactions threaten major damage to the economy.
"There are no rules, which are considered a cancellation of the contract in Islam, and therefore it is forbidden," Ashour added.
Egypt was not the only country that banned Bitcoin. Saudi scholar, Assim al-Hakim, has recently announced that the currency is forbidden, because "it is a cryptographic form of money that is unclear, unnamed and gives a chance to deceive."
"We know that Bitcoin remains anonymous when you deal with it ... which means it's an open gate for money laundering, drug money, and haram (forbidden). Muslims should not be involved in such dubious transactions simply to make a quick buck or to make a quick profit. This is not an Islamic concept, "al-Hakim warned.
Bitcoin is a cryptovalute independent of traditional banks, which began to circulate in 2009.
And what are your thoughts ?
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yep cryptos will ruin goverment finacial control of the systems thats for sure! they will have to change the laws everywhere soon if they want to stay in 'power', cheers bud :)
yeah fortunately this are cool for those who are in crypto world, but unfortunately for the laws and regulations of the countries. so we will see what will happen !
Let's be honest here, their loss. It's a shame that religion is holding a country back in this way.