Buzz

Dealing with Bitcoin Digital Currency is Unlawful: Egypt’s Grand Mufti

Dealing with Bitcoin Digital Currency is Unlawful: Egypt’s Grand Mufti

 

Egypt’s Grand Mufti Shawki Allam said in an official Fatwa on Monday that trading with Bitcoin is ‘unlawful’.

He further explained that using the virtual currency is not allowed as it is not legalized by the government.

Earlier on Advisor to the Grand Mufti of the Republic Magdy Ashour said that Bitcoin exchanges are ‘Haram’ or forbidden.

He further added that it is forbidden to conduct transactions or any financial exchanges as it carries too many risks, according to local media reports.

Ashour said that the bitcoin “is a direct tool of financing of terrorism” adding that Central Bank of Egypt (CBE) never issued a legislation regulating Bitcoin dealings; therefore it offers no guarantees to any party.

The bitcoin is a cryptocurrency used as part of a digital currency. The Bitcoin Egypt was launched on 31 August, 2017 and co-founded by Amr Khalil and Omar AbdelRasoul.

CBE has announced, in August, that it has no intention of issuing legislation or passing a law that allows the trading of the digital currency. CBE further stated that any dealings rely on “the responsibility of its users” which has nothing to do with the banking sector.

The bitcoin is not regulated by the government; however, it is not considered illegal to engage in transactions in Egypt.

Abou Treika Named Greatest Egyptian Outfield Player Of All Time In FIFA World Cup Poll
Egyptian Men Are 'The Luckiest' in Online Dating: Study

Subscribe to our newsletter


Buzz

More in Buzz

Discover Egypt’s Most Streamed Songs And Artists of 2021

Mona Abdou5 December 2021

Visual Evolution of The Egyptian Pound

Mona Abdou5 December 2021

Reaching for the Stars: Celebrating International Day of Persons with Disabilities

Sara Ahmed3 December 2021

Egyptian Henna: An Ancient Herb That Redefined Body Art

Mona Abdou29 November 2021

Egyptian Blue: A Hue That Made History

Mona Abdou27 November 2021

New Animal Adoption Website Launches in Egypt

Mona Bassel24 November 2021

Nahdet Misr: A Sculpture That Embodies Egypt At A Glance

Mona Abdou20 November 2021
Mo Salah

Your Chance to Own a Unique Signed Mo Salah Shirt for Charity

Egyptian Streets18 November 2021