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Egypt: Bitcoin is prohibited by Islam

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Egypt: Bitcoin is prohibited by Islam

Egypt’s Grand Mufti Shawki Allam said in an official fatwa on Monday that trading with Bitcoin was "unlawful" according to Islamic rulings, Middle East Eye reported.

He explained that using the virtual currency is not allowed as it is not legalised by the Egyptian government.

“Bitcoin could be harmful to the country’s social and economic security,” Dar Al Iftaa, a top religious institution in Egypt, said, stressing that the currency could break through the national security and central financial systems.

Allam’s adviser, Magdy Ashour, said the currency “is used directly to fund terrorists”, explaining that ...

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