Egypt's Grand Mufti Shawki Ibrahim Abdel-Karim Allam said in an official ruling (fatwa) on Monday that trading in Bitcoin is considered “illegal” according to Islamic traditions. He explained this by saying that the virtual currency was not recognized as legal by the Egyptian government.
“This cryptocurrency is directly used to finance terrorist organizations and this is a fact. Bitcoin can cause serious damage to the economic, social and national security of our country.” - says the resolution of the state religious body of Egypt “Dar al-Ifta”.
Egypt is not the only country that has banned Bitcoin. Asim Al-Hakim, a Saudi Arabian minister, recently banned Bitcoin, citing that the cryptocurrency is mainly used for illegal and fraudulent activities. “We all know very well that the anonymity that Bitcoin provides is often used as a means for money laundering, the sale of drugs and weapons,” he said. "Muslims should stay away from such dubious activities even though they offer easy and quick money. This is not the way of Islam."
Recall that we have already discussed the intricacies of using cryptocurrency funds in Islamic states in our article
According to http://www.middleeasteye.net
You May Also Like
SEC Approves "Revolutionary Bitcoin ETF"
The US Securities and Exchange Commission has approved the creation of an ETF from Volt Bitcoin Revolution. It will give investors the opportunity to purchase shares of companies that hold Bitcoin on their balance sheets or make profits from transactions with the first cryptocurrency.
The US government pension fund invested in Bitcoin
The Houston Firefighters' Retirement Fund (HFRRF) has moved part of its portfolio into Bitcoin and Ethereum. Institutions are confident that the rise in the price of crypto assets is not over, so such an investment will bring good interest.
