Egypt's Grand Mufti or Top Imam has issued a fatwa prohibiting the sale of Bitcoin in Islam. Sheikh Shaqi Alam said in his fatwa that there is a scam of fraud and fraud in this digital currency transaction, so its transactions in Islam are banned.
But recently Bitcoin raised a huge storm in the currency market. Last year, there was a bitcoin worth 1000 US dollars. At the end of 2017, the valuation stood at $ 20,000. Of course, in a week, Bitcoin lost 25 percent of the price. After this, experts started to warn about the risk of this currency.
Egypt's Grand Mufti said, there is no central regulatory body of this currency, hence risks associated with its business. He told Egyptian daily Al-Ahram, "Bitcoin is against Sharia because it can bring unlimited losses to individuals or organizations.""A grand mufti spokesman, Magadi Ashur told Egypt Today," Bitcoin funds are being funded by terrorism. "In August last year, the exchange or market started for Bitcoin transactions in Egypt. But last month the government of the country banned this digital currency. BBC.
