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Egypt's Grand Mufti Says Bitcoin Is Forbidden by Islam
From The Times if Israel, Jerusalem
Tuesday, January 2, 2018
Egypt's top Muslim cleric on Monday called for a ban on bitcoin, saying the digital currency is "forbidden" by Islam. ...
Noting that the cryptocurrency is unregulated, Allam said the "currency's risk as well as its high profit potential undermine Egypt's ability to maintain and stabilize its own currency."
He also said the digital currency could have a "negative effect on its dealers' legal safety, possibly due to failure to publicly disclose such operations." He said this could lead to an "ease in money laundering and contraband trade."
Allam also said a cryptocurrency like bitcoin "impinges on the state's authority in preserving currency exchange, as well as its necessary supervising measures on domestic and foreign financial activities." ...
... For the remainder of the report:
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