Trading Bitcoins is Unlawful and ‘Haram’ According to Egypt’s Grand Mufti

Shawki Allam, Al Azhar’s Grand Mufti, declared that the trading of Bitcoin is against the Islamic Sharia. The declaration came out on the 1st of January.

Allam stated that this cryptocurrency trading is haram as it’s considered a sort of “gambling”. The Grand Mufti added that this currency is used to finance terrorism, also, it doesn’t go under the state supervision which means that it can ruin the state’s economy and will affect the stabilization of the Egyptian pound.

The news came in after the Bitcoin hit the value of $13,000.

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The Bitcoin was also rejected in multiple countries like Sweden, Japan, Bangladesh and Bolivia.

The Bitcoin is a cryptocurrency, which means that it’s a virtual payment method, it has grown famous over the years as its value grew faster. News circulated that this currency can ruin the economy of great countries as no government can supervise it or contain its rapid value growth.

However, in the past couple of months, different cryptocurrencies gained wider fame like Monero which is programmed to prevent tracking from any governments or other sources. This means that the law enforcement tools which were used to track Bitcoin users don’t work for Monero users.

Do you believe that the Bitcoin is the future of currencies or a tool that will ruin the world economy?

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