Bitcoin forbidden by Islam: Egypt’s grand mufti

Bitcoin forbidden by Islam: Egypt’s grand mufti
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Egypt’s grand mufti on Monday said that Bitcoin is forbidden by Islam. He compared the digital currency to gambling, as it ruins individuals financially. It must be noted that gambling is banned in Islam.

Mufti Shawki Allam observed that the cryptocurrency is unregulated and could have a “negative effect on its dealers’ legal safety, possibly due to failure to publicly disclose such operations.” He said this could lead to an “ease in money laundering and contrabands trade.”

Grand Mufti Shawki Allam said being a cyber-currency anyone can be cheated by it and it fluctuates unpredictably, hence it is un-lawful to deal with that.

The bitcoin is a cryptocurrency used as part of a digital currency. Speculators and investors have flocked to the digital currency in recent months as its price has skyrocketed. Bitcoin’s value rose 25-fold over 2017 to a record high above $19,500 on December 18 before tumbling to just above $12,000 less than a week later.