Bitcoin Trading

Egypt’s highest official of religious law, Grand Mufti Shawki Allam, called Bitcoin trading “unlawful” under Sharia law, online publication Ahram reported today. In the fatwa issued Monday, Allam wrote that Bitcoin isn’t an “acceptable interface of exchange” and is therefore unlawful to trade. The 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.