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Bitcoin banned

Publish date: 08 January 2018
Issue Number: 756
Diary: IBA Legalbrief Africa
Category: Egypt

Egypt's grand mufti has said that bitcoin is forbidden in Islam, warning the digital currency could be used for criminal purposes. Bitcoin, launched in 2009 and based on a peer-to-peer payment system, poses ‘high risks to individuals and states’, Shawqi Allam said in a published ruling. A report on the News24 site notes that he said it could provide ‘stable and secure financial resources for terrorists and criminal groups’. Allam, who acts as the country's official interpreter of Islamic law, said minting and issuing currency is an ‘absolute right’ of monetary institutions and ‘one of the most specific functions of the state’.

Full report on the News24 site