Egyptian religious leaders: Sharia law does not allow encrypted currency transactions

nCritics of the Rage: Shawki Allam, the highest religious leader in Egypt, recently expressed his opinion on crypto currency transactions. He pointed out that this transaction is not allowed under Islamic law. Although Egypt is not yet active in the cryptocurrency market, its religious leaders’ perception of this new thing is consistent with the opinion of most non-religious governments. In view of this relatively rare commentary from the religious world, the news has aroused the concern of many people.n
nTranslation: Inan
Egypt’s top Islamist religious leaders currently comment on the legality of crypto currency transactions.n
According to Egyptian media reports, on January 1, Shawki Allam, an Egyptian great Mufti, said sharia law does not allow people to trade cryptocurrencies because of the risks involved.n
Allam made this comment in the form of a decree of Islam. While this ordinance is not legally binding, it can indeed be considered a high-level legal opinion and may also make Allam one of the first Muslim religious leaders to announce a ban on cryptocurrencies.n
It is reported that Shawki Allam mentioned the anonymity of bitcoin in addition to the volatility of the transaction, which made him worried. He said cryptocurrency trading could undermine the legal system through tax evasion, money laundering, fraud and terrorist financing.n
Just last month, a New York woman was indicted on suspicion of providing financial support to ISIS terrorists in cryptocurrencies.n
Although Egypt is still in its infancy in the cryptocurrency market, Allam’s comments are similar to those of non-religious government agencies.n
As previously reported, the Egyptian Central Bank dismissed rumors that it would allow banks to handle bitcoin transactions, the agency said at the time:n
n”For the sake of the stability of the Egyptian banking system, our banks only accept the official currency and never touch any virtual currency.”n

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