Egypt's Grand Mufti issues fatwa against bitcoin

The Grand Mufti of Egypt, Sheikh Shawki Allam, has issued a fatwa against the digital cryptocurrency bitcoin. The influential religious authority said that is not permissible to share bitcoin by selling, buying, leasing, or any other means. He said that it is not considered very safe because it carries with it several risks and isn't regulated by a centralised authority.

The Grand Mufti’s declaration that bitcoin is not permissible under Islamic law follows a ban by the Egyptian state last month after the first exchange opened in the country in August. Grand Mufti Allam compared bitcoin to gambling due to the high prices it is reaching. He said this can directly lead to the financial ruin of the individual, a group, and institutions. On the political front, an advisor to the Grand Mufti alleged that it was being used to fund terrorism.

Despite reaching the dizzying heights of $20,000 per bitcoin, the cryptocurrency slid back to around $13,000 and is currently sitting at $13,990 at the time of writing. Another cryptocurrency, Ripple, has been making huge strides over the past week; while most other cryptocurrencies were sliding to lower levels, Ripple was bucking the trend and increasing in price, it is now sitting at $2.41 per coin and boasts a larger market cap than Ethereum according to Coin Market Cap.

Source: BBC News

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