‘Bitcoin banned by Islam’: Egypt’s Grand Mufti issues fatwa against cryptocurrency

Wednesday, January 3, 2018
By Paul Martin

RT.com
3 Jan, 2018

The Egyptian Grand Mufti has issued an official fatwa, banning bitcoin which soared in value over the $20,000 mark in December. Trade in cryptocurrency is similar to gambling, which is forbidden in Islam, he said.

The fatwa was issued after consultations with several economic experts, Egypt’s Grand Mufti Shawki Allam said on Monday, as cited by Ahram newspaper. Egypt’s legitimate bodies do not consider trading a virtual currency like bitcoin to be acceptable, he said, and the use of cryptocurrencies “impinges on the state’s authority in preserving currency exchange.”

The mufti compared cryptocurrency’s trade exchange to gambling, which is banned in Islam “due to its direct responsibility in financial ruin for individuals.” The cleric said that bitcoin could negatively affect the legal safety of those who trade it, and lead to an “ease in money laundering and contrabands trade.”

Allam’s statement came as the value of bitcoin continues to fluctuate unpredictably. As of January 3, its price stands at $15,000.

Egypt’s Grand Mufti is not the first Muslim cleric to criticize the now-famous cryptocurrency, which has skyrocketed in value over recent months. In December, popular Saudi cleric Assim Al-Hakeem ruled that digital currencies are banned under Islamic law because they are “ambiguous.”

“We know that bitcoin remains anonymous when you deal with it… which means that it’s an open gate for money laundering, drug money and haram [forbidden] money,” Hakeem said at that time.

The Rest…HERE

Leave a Reply

Happy Holidays! Revolution Radio is a 100% volunteer run site. We appreciate any holiday cheer you can spare this Christmas season. God bless!

Follow us on Twitter