Egypt’s Grand Mufti Says Bitcoin Unlawful Under Islamic Sharia
Fatwa issued against cryptocurrencies by Shawki Allam
Allam argued that the “currency’s risk as well as its high profit potential undermines Egypt’s ability to maintain and stabilize its own currency.”
The religious leader added that Bitcoin – which could have a “negative effect on its dealers’ legal safety, possibly due to failure to publicly disclose such operations – would lead to an “ease in money laundering and contrabands trade” if allowed to flourish.
The mufti’s counsellor, Dr. Magdy Ashour, also claimed that the digital currency empowered both terrorists and criminals alike.
Turkey’s Directorate of Religious Affairs in November likewise declared the use of digital currencies unlawful under Islamic Sharia.