[NEWS] Egypt's Grand Mufti issues fatwa against bitcoin

[Spoetnik]

The Grand Mufti of Egypt, Sheikh Shawki Allam, has issued a fatwa against the digital cryptocurrency bitcoin. The influential religious authority said that is not permissible to share bitcoin by selling, buying, leasing, or any other means. He said that it is not considered very safe because it carries with it several risks and isn't regulated by a centralised authority.

The Grand Mufti’s declaration that bitcoin is not permissible under Islamic law follows a ban by the Egyptian state last month after the first exchange opened in the country in August. Grand Mufti Allam compared bitcoin to gambling due to the high prices it is reaching. He said this can directly lead to the financial ruin of the individual, a group, and institutions. On the political front, an advisor to the Grand Mufti alleged that it was being used to fund terrorism.

Despite reaching the dizzying heights of $20,000 per bitcoin, the cryptocurrency slid back to around $13,000 and is currently sitting at $13,990 at the time of writing. Another cryptocurrency, Ripple, has been making huge strides over the past week; while most other cryptocurrencies were sliding to lower levels, Ripple was bucking the trend and increasing in price, it is now sitting at $2.41 per coin and boasts a larger market cap than Ethereum according to Coin Market Cap.

http://www.bbc.co.uk/news/world-middle-east-42541270

https://www.neowin.net/news/egypts-grand-mufti-issues-fatwa-against-bitcoin

PS:
Ripple is scammy bullshit.

[tomhutchinson]

Some of those Sheikhs only follow governments and central banks. bitcoin starts from 2019 not today.
 why he say that today? because government want that

[stompix]

Sheikh Shawki Allam, the Grand Mutfi, said the digital crypto-currency carried risks of "fraudulence, lack of knowledge, and cheating"

I don't want to challenge the knowledge and wisdom of the grand Kebab that said this but aren't all those "sins" more the fault of the poeple that use bitcoin rather than the coin's?

An adviser to the Grand Mufti, Magdy Ashour, told Egypt Today that Bitcoin was "used directly to fund terrorists".

Oh, right. And your sharia law is used to brainwash them turning once normal people into terrorists.

Then it lost more than 25% of its value inside a week, sparking warnings of a dangerous bubble.The Grand Mufti said risks could arise because the virtual currency was not subject to surveillance by any centralised authority.

Interesting, how is that the Egyptian pound is falling like a rock while it is subject to surveillance by their centralised authority?
Probably the only reason is that the centralised authority lakes the central point of the nervous system , aka the brain!!!!!!

[Spoetnik]

I just wanted to relay the news..
I didn't see anyone else post this so..

What you all need to realize is things changed.
Notice how they didn't say fuck all years ago ?
Why now ?

Things changed.

Crypto is now hyped up scammy bullshit.
Most of you are noobs and either don't know or don't care how the entire scene changed.
I was here and watched it.
So whether i agree with them or not i sure as hell understand the reaction from Egypt and other places.
I don't blame them one bit.

You get the reaction directly from your behavior people.
I warned you all long ago this would be the result.
And as always "I told you so"    

Babble means fuck all.
Reality is govt's can and will stifle crypto bullshit when ever they see fit.
All the moaning about it on a forum means squat.
It's about reality not rhetoric.